Nathan_Black

SPX: Next Support/Resistance levels to watch from here!

SP:SPX   S&P 500 인덱스
• The SPX is in a short-term bull trend, doing higher highs/lows, trading above the 21 EMA;
• Its last bottom level was above a dual-support level, made by the 21 EMA and the upper trend line of an Ascending Channel, which SPY did an upwards breakout;
• This dual-support coincides with the 21 EMA in the daily chart, which we nailed as our main support on our previous public study on SPX – link below this post, as usual;
• Everything point to a continuation of the momentum, as we don’t see any meaningful top sign, so far;
• However, if SPX is about to correct, now would be a good time, as it just filled a Gap (3,965), and any bearish reaction in this area would suggest a pullback to the 21 EMA again, at least;
• Since there’s no clear bearish reversal structure, the next resistance on it is the 4,053;
• So far, everything is going according to the plan, and the SPX is behaving as expected. I'll keep you updated on this.

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