SPX: Another week, another record high!
Hello traders and investors! Let’s see how the SPX is doing this Friday!
First, it feels like it is in a congestion in the 1h chart, but we have no bearish structure so far. All we can do is assume it’ll keep pushing up, but if it loses the green line at 4,517 it might do a pullback in the daily chart.
You might say that we have a possible Head & Shoulders chart pattern, and I wouldn’t disagree, but I think the NDX is much clearer to me:
Of course, these patterns weren’t triggered, and if the indices frustrate this possible bearish reaction, they will keep trending. But if the SPX drops, where would it stop?
We have many supports to work with. First, the 4,480, the previous top, which is quite close to the 21 ema, making it a Dual-Support level. In the worst-case scenario, it would drop to the purple trendline, and the bias would still be 100% bullish.
We don’t have any confirmation that it’ll drop, but if it does, I don’t see the end of the world, just another opportunity to buy, just as it has been doing since March 2020. It is useless trying to “predict” the top.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good weekend!
First, it feels like it is in a congestion in the 1h chart, but we have no bearish structure so far. All we can do is assume it’ll keep pushing up, but if it loses the green line at 4,517 it might do a pullback in the daily chart.
You might say that we have a possible Head & Shoulders chart pattern, and I wouldn’t disagree, but I think the NDX is much clearer to me:
Of course, these patterns weren’t triggered, and if the indices frustrate this possible bearish reaction, they will keep trending. But if the SPX drops, where would it stop?
We have many supports to work with. First, the 4,480, the previous top, which is quite close to the 21 ema, making it a Dual-Support level. In the worst-case scenario, it would drop to the purple trendline, and the bias would still be 100% bullish.
We don’t have any confirmation that it’ll drop, but if it does, I don’t see the end of the world, just another opportunity to buy, just as it has been doing since March 2020. It is useless trying to “predict” the top.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good weekend!
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