SPX: In a "No Man's Land"! But for how long? 🤔
• The index hit our resistance at the 21 ema, and it couldn’t break it;
• On the other hand, the 3,818 is a key support area, which is preventing a further drop to the 3,744 (next technical support level, green line);
• As long as the index remains between these two key points, it’ll be in a “no man’s land”, moving erratically while we don’t see any good technical breakout indicating a possible bullish reversal or bearish continuation pattern;
• There’s another key point at 3,911, which did work as a support/resistance multiple times since July 2022. If SPX breaks this key point, it might easily retest the 4k again, possibly breaking it;
• The 3,744 plays a similar role, but to the downside, as if the index loses this key point, we might see a continuation of the bearish sentiment to lower levels;
• For now let’s keep these key points in mind. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• On the other hand, the 3,818 is a key support area, which is preventing a further drop to the 3,744 (next technical support level, green line);
• As long as the index remains between these two key points, it’ll be in a “no man’s land”, moving erratically while we don’t see any good technical breakout indicating a possible bullish reversal or bearish continuation pattern;
• There’s another key point at 3,911, which did work as a support/resistance multiple times since July 2022. If SPX breaks this key point, it might easily retest the 4k again, possibly breaking it;
• The 3,744 plays a similar role, but to the downside, as if the index loses this key point, we might see a continuation of the bearish sentiment to lower levels;
• For now let’s keep these key points in mind. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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