First, in the 1h chart, we see that the index just dropped to retest its 21 , and now it is reacting again. The SPX is doing several erratic movements, but one thing is certain: The 4183 is a point, and if triggered, this could lead to a new movement.
We have no clear higher highs/lows, but this would be the beginning. Now, let’s see the daily chart:
The index is trading above the 21 , 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 , so, pullbacks aren’t scary, but we must be aware of these points, as they will guide us next.
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