Nathan_Black

SPX: This is the pivot point that must be triggered!

SPCFD:SPX   S&P 500 Index
Hello traders and investors! The SPX is dropping today, but how this affects the mid/long-term view about it? Let’s see.

First, in the 1h chart, we see that the index just dropped to retest its 21 ema , and now it is reacting again. The SPX is doing several erratic movements, but one thing is certain: The 4183 is a pivot point, and if triggered, this could lead to a new bullish movement.

We have no clear higher highs/lows, but this pivot point would be the beginning. Now, let’s see the daily chart:


The index is trading above the 21 ema , which is a good sign, but if it fails to trigger the 4183 in the 1h chart it could correct to the purple trendline.

The mid/long-term trend is still clearly bullish , so, pullbacks aren’t scary, but we must be aware of these points, as they will guide us next.

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Thank you very much!
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Comments

Awesome work as always, Nate!
100 coins
+2 Reply
Nathan_Black Hedge_Of_The_World
@Hedge_Of_The_World, Thanks a lot Hedge! I highly appreciate your support!

Take care, mate!
+1 Reply
Hi Nathan, thanks for covering SPX!
+2 Reply
Nathan_Black tnmccammon
@tnmccammon, I appreciate the trust, mate! Thanks for the support :)
Reply
so it closed below 21 EMA.. 4000 next?
Reply
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