SPX: Trading in a CRITICAL support level!
• The index lost the triple support level we talked about yesterday, meaning, we have more downside left;
• However, in the daily chart, it already hit our key support at 3,911, which we also mentioned yesterday (the link to my previous analysis is below this post, as usual);
• Only if the index loses this support level it would frustrate the bullish bias seen in the daily chart. So far, we see only higher highs/lows, but by losing the 21 ema, and doing a lower low, the index will probably head south again, and the gap at 3,818 would be our next stop;
• So far, there’s no bullish reaction indicating that it is doing a bottom;
• I’ll keep you updated.
Remember to follow me to keep in touch with my daily analyses!
• However, in the daily chart, it already hit our key support at 3,911, which we also mentioned yesterday (the link to my previous analysis is below this post, as usual);
• Only if the index loses this support level it would frustrate the bullish bias seen in the daily chart. So far, we see only higher highs/lows, but by losing the 21 ema, and doing a lower low, the index will probably head south again, and the gap at 3,818 would be our next stop;
• So far, there’s no bullish reaction indicating that it is doing a bottom;
• I’ll keep you updated.
Remember to follow me to keep in touch with my daily analyses!
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