SPX - Weekly Outlook
-After finding a resistance region at 4604, the SPX index is undergoing a correction which for the moment I consider as "normal".
-I believe that this correction is completely normal and does not bring major concerns for the "CURRENT MOMENT".
-As stated in several previous analyses, the monthly chart is in an uptrend , so I am thinking that we still have no reason to be worried, but that doesn't mean we shouldn't keep an eye on everyday life. Do not do it, please!
-Going to the weekly chart, we had two regions of supports, and they are: 4408 and 4310.
-We can see in the image below that the first support was broken by the Bears, so the short-term perspective would be for prices to respect the price region of 4310 as the most plausible support for now. Failing this respect, the golden region of FIB (1.618) could be the place where prices will seek.
-On the daily chart, prices reached the 1618 FIBO region of the bearish pivot of this timeframe, and this suggests to me that we may have high spikes up to the 4453 region so that prices take a direction.
-Given the "MOMENT" situation, after this rebound, the most sensible thing would be for prices to seek the region of 4177.
-Can we trust the markets?
-Worth your reading:
-Do your analysis and good business.
-Be Aware, If You Buy, Use Stop!
-See below for other graphic analysis.
-I believe that this correction is completely normal and does not bring major concerns for the "CURRENT MOMENT".
-As stated in several previous analyses, the monthly chart is in an uptrend , so I am thinking that we still have no reason to be worried, but that doesn't mean we shouldn't keep an eye on everyday life. Do not do it, please!
-Going to the weekly chart, we had two regions of supports, and they are: 4408 and 4310.
-We can see in the image below that the first support was broken by the Bears, so the short-term perspective would be for prices to respect the price region of 4310 as the most plausible support for now. Failing this respect, the golden region of FIB (1.618) could be the place where prices will seek.
-On the daily chart, prices reached the 1618 FIBO region of the bearish pivot of this timeframe, and this suggests to me that we may have high spikes up to the 4453 region so that prices take a direction.
-Given the "MOMENT" situation, after this rebound, the most sensible thing would be for prices to seek the region of 4177.
-Can we trust the markets?
-Worth your reading:
-Do your analysis and good business.
-Be Aware, If You Buy, Use Stop!
-See below for other graphic analysis.
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