SPX: Hit our target again! What's next for us?

SP:SPX   S&P 500 Index
Hello traders and investors! The SPX hit our target again, at the 21 ema , as we already expected since our previous analysis, and now it seems the index is having some problems in defeating this resistance. Let’s see what’s for us here today.

We are having a hard time near the 21 ema , but that was already expected, as we set the 21 ema as our target in our last study. However, we don’t see any clear bearish reaction, so we can’t say that it’ll drop from here just yet. In fact, if it continues and breaks this 21 ema , probably we’ll resume the bull trend for good.

Considering that this week we just retested the support at 4,367 (black line), and that the long-term bias is still bullish , it is reasonable to expect that it’ll keep pushing up.

In the weekly chart, the index just did a quick retest of the 21 ema , and it is bouncing back up nicely, leaving a nice shadow under the candlestick’s body, and doing a nice Hammer candlestick pattern.

The volume is decent, and this week’s drop did no harm to the bull trend at all. In fact, it just gave us many opportunities on many stocks.

So far, the situation seems under control, but we’ll monitor the SPX closely from now on. If you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea before you leave!

Have a good weekend!
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