SPX: Next KEY POINTS and SCENARIOS [UPDATED].
• The index is struggling around its support area (red area), but there’s no bullish sign indicating a bottom yet;
• In order for the index to react, it would be important to see it closing above the 21 ema again. In this scenario, the index might gain momentum to retest the previous resistance at 4,083 again;
• On the other hand, if it fails in reacting in this support area, and loses the 3,911 (our most important support level for the mid-term), then the gap will become our next target, at 3,818;
• Either way, given how important this support area is, we’ll probably have our answer soon. Let’s pay attention to these key points for now. I’ll keep you updated on this everyday.
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• In order for the index to react, it would be important to see it closing above the 21 ema again. In this scenario, the index might gain momentum to retest the previous resistance at 4,083 again;
• On the other hand, if it fails in reacting in this support area, and loses the 3,911 (our most important support level for the mid-term), then the gap will become our next target, at 3,818;
• Either way, given how important this support area is, we’ll probably have our answer soon. Let’s pay attention to these key points for now. I’ll keep you updated on this everyday.
Remember to follow me to keep in touch with my daily analyses!
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