SPX: A Dangerous Resistance. 👀
• The SPX is correcting today, back to its 21 ema in the 1h chart, as usual;
• In the daily chart, there’s still some upside left, as we have yet to retest the 4,100 area, but the index is quite far from its 21 ema in this time frame;
• If it loses the 21 ema in the 1h chart, or does a clear bearish structure, then it might correct to the 21 ema in the daily chart, around the 3,800;
• As long as the trend remains bullish in the 1h chart, hardly a sharper correction will materialize;
• Therefore, let’s pay attention to the 21 ema (1h), and on how the index will react from here, as it is near the resistance at 4,100;
• So far, no clear top sign. I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
• In the daily chart, there’s still some upside left, as we have yet to retest the 4,100 area, but the index is quite far from its 21 ema in this time frame;
• If it loses the 21 ema in the 1h chart, or does a clear bearish structure, then it might correct to the 21 ema in the daily chart, around the 3,800;
• As long as the trend remains bullish in the 1h chart, hardly a sharper correction will materialize;
• Therefore, let’s pay attention to the 21 ema (1h), and on how the index will react from here, as it is near the resistance at 4,100;
• So far, no clear top sign. I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
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