SPX: Be careful with these key points!
Hello traders and investors! Let’s see how the SPX is doing today!
In the 1h chart, we see that it stabilized above our support level at 4,456, and it has been moving sideways since yesterday. The 4,500 seems to be a resistance for it, which is natural, as it was a support in the past.
We still have an open gap (yellow square), but no bullish signal yet.
In the daily chart, we just corrected to the 21 ema, and briefly retested the 38.2% retracement, so it is normal to see it stop dropping. This support area is a good to form a bottom, but we don’t see any bullish structure that could turn it bullish yet.
If the index wants to turn bullish, it must break the 4,500 again, and trade above this level, consistently. However, if we lose the 4,456 (previous support in the 1h chart, 38.2% retracement in the daily chart), it will try to hit one of the other retracements, probably the 61.8% at 4,344.
Let’s keep our eyes open. I’ll keep you guys updated every day on this, so, remember to follow me to not miss any of my analyses!
In the 1h chart, we see that it stabilized above our support level at 4,456, and it has been moving sideways since yesterday. The 4,500 seems to be a resistance for it, which is natural, as it was a support in the past.
We still have an open gap (yellow square), but no bullish signal yet.
In the daily chart, we just corrected to the 21 ema, and briefly retested the 38.2% retracement, so it is normal to see it stop dropping. This support area is a good to form a bottom, but we don’t see any bullish structure that could turn it bullish yet.
If the index wants to turn bullish, it must break the 4,500 again, and trade above this level, consistently. However, if we lose the 4,456 (previous support in the 1h chart, 38.2% retracement in the daily chart), it will try to hit one of the other retracements, probably the 61.8% at 4,344.
Let’s keep our eyes open. I’ll keep you guys updated every day on this, so, remember to follow me to not miss any of my analyses!
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