SPX: When will it drop again?
Hello traders and investors! Let’s see how the SPX is doing today!
It seems we see a bearish sign on the SPX, indicating a possible top (spinning top?), but I wouldn’t be too excited about it. After all, the index already did a similar pattern last Tuesday (it even more bearish, as it was a shooting star), and it was just a bear trap, as we thought.
What’s more, it is always important to analyze the hourly chart before any conclusion.
In the 1h chart, we don’t see any bearish structure yet, and we only see a healthy bull trend. As long as the index keeps doing higher highs/lows, the trend won’t reverse.
As stated by the 1st tenet of the Dow Theory: Trends persist until a clear reversal occurs. So far, I see no clear reversal. We have two support levels to keep our eyes on: The 21 ema, and the 4,567. If the index loses both supports, probably we’ll see some pullback in the daily chart.
For now, let’s just follow it closely, and if you liked this analysis, remember to follow me to keep in touch with my daily updates on stocks and indices. Also, support this idea if it helped you!
Have a good day.
It seems we see a bearish sign on the SPX, indicating a possible top (spinning top?), but I wouldn’t be too excited about it. After all, the index already did a similar pattern last Tuesday (it even more bearish, as it was a shooting star), and it was just a bear trap, as we thought.
What’s more, it is always important to analyze the hourly chart before any conclusion.
In the 1h chart, we don’t see any bearish structure yet, and we only see a healthy bull trend. As long as the index keeps doing higher highs/lows, the trend won’t reverse.
As stated by the 1st tenet of the Dow Theory: Trends persist until a clear reversal occurs. So far, I see no clear reversal. We have two support levels to keep our eyes on: The 21 ema, and the 4,567. If the index loses both supports, probably we’ll see some pullback in the daily chart.
For now, let’s just follow it closely, and if you liked this analysis, remember to follow me to keep in touch with my daily updates on stocks and indices. Also, support this idea if it helped you!
Have a good day.
⚠️ Want to take your trading to the next level?
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
Publicações relacionadas
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.