Hello friends from TradingView!! This one will be a very detailed vision about this important index.
I'm here today for talk about the situation we might face in the coming days. After a big hit today of about -2%, things got a little complicated. In green, I show you a huge uptrend since March 2009, that could be seen in the Weekly chart or a very zoomed out daily. Recently, we brake the ~2818 level that held us down many times in last year, and made our way up to the huge green trend again. But today we lost that key support once again, followed by a brake of the ~2818 level too, this is real sh#t guys!!!. What could help us to reach the green trend again is a pullback helped by this area that I've circled. MACD is supporting this ideia, since we could see a quick touch on the averages, meaning that is just a buy exaustion, not a change in the trend at all. In case of all this points didn't do enough to hold this price above 2775 area, then we could see a big crash, started by at least -5% down movement.
Key levels to watch on 1d chart:
- ma20
- 50% and 61,8% of the yellow fib
-ma200
If all this levels don't hold price, then we could see at minimum:
-100% retracement of yellow fib
-23,6% of the huge green uptrend
-161,8% of the yellow fib
Did you have any question? Feel free to ask in comments!
I'm here today for talk about the situation we might face in the coming days. After a big hit today of about -2%, things got a little complicated. In green, I show you a huge uptrend since March 2009, that could be seen in the Weekly chart or a very zoomed out daily. Recently, we brake the ~2818 level that held us down many times in last year, and made our way up to the huge green trend again. But today we lost that key support once again, followed by a brake of the ~2818 level too, this is real sh#t guys!!!. What could help us to reach the green trend again is a pullback helped by this area that I've circled. MACD is supporting this ideia, since we could see a quick touch on the averages, meaning that is just a buy exaustion, not a change in the trend at all. In case of all this points didn't do enough to hold this price above 2775 area, then we could see a big crash, started by at least -5% down movement.
Key levels to watch on 1d chart:
- ma20
- 50% and 61,8% of the yellow fib
-ma200
If all this levels don't hold price, then we could see at minimum:
-100% retracement of yellow fib
-23,6% of the huge green uptrend
-161,8% of the yellow fib
Did you have any question? Feel free to ask in comments!
Comment:
1D finished today with a doji right on top of the 50% fib level, so tomorrow if we see a good green candle closing above this price range can be a good sign for a retest on previous top on 2860. Let's watch the market!!
Comment:
Well, SPX testing the 2818 again, so we need to pass it and the next battle will be the 2827~30. MACD still suggesting a exhaustion in buy force, but since it's a very delayed indicator, this couldn't mean much. In my opinion this week will be very important, specially if we didn't manage to pass 2830, because this could be the beginning of a bigger down movement. Let's watch!!