Nathan_Black

SPX: Hit our TARGET! What's next?

SP:SPX   S&P 500 Index
• We nailed another target on SPX , as it did exactly what it had to do, and it hit its 21 ema yesterday, just after I posted my daily analysis ;
• Today, it is under the 21 ema , indicating that the sell-off was intense, but we see some reaction;
• While I’m writing this, SPX is trying to do a Hammer / Doji candlestick pattern in the daily chart . The pattern is still forming, and there’s a good chance it won’t close like this, but if it confirms a bullish reaction, it might bounce to its 21 ema again ( daily chart );
• The index is trying to stabilize just above the 50% retracement , as seen in the daily chart , and this point might work as a support level for us;
• However, SPX has yet to show more bullish signs in order to truly reverse. For now, I won't set any public target on it, but I’ll keep you guys posted, as usual. Soon we'll have more definition.

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