Hello traders and investors! Let’s see how the SPX is doing today!
First, in the 1h chart, it lost the support level we mentioned yesterday (4,200), and it dropped a little bit more after that. However, we see some reaction right now, and if the index closes above the 4,200, the market might understand it as a false breakout from a previous support, making this a possible bear trap.
This would be a good bullish sign, but we don’t see any clear bullish reversal structure yet. We are still doing lower highs/lows, and the 21 ema is pointing down, and to me, we must see more confirmation in order to call it a buy again.
If the index is about to reverse, now is the best time for it:
In the daily chart, we see that the index is trying to stabilize at a very important support level around the 4,167, which supported the price at least 5 times in the past.
What’s more, this support level could be the neckline of a Head & Shoulders chart pattern in the weekly chart:
This tells us that this the last chance the SPX will have to react, otherwise, it’ll engage a bear trend for good. It is important to notice that it is dropping in the last 4 weeks, but the volume was below the average, and this gives me the impression that the market is dropping because people are just afraid and aren’t buying, instead of actually selling (or shorting) at this level.
The moment couldn’t be more complex and crucial. Regardless of what the SPX will do next, it seems we’ll have our answer soon, in the next few days. I’ll keep you guys updated on this every day, so, remember to follow me to keep in touch with my daily analyses!
First, in the 1h chart, it lost the support level we mentioned yesterday (4,200), and it dropped a little bit more after that. However, we see some reaction right now, and if the index closes above the 4,200, the market might understand it as a false breakout from a previous support, making this a possible bear trap.
This would be a good bullish sign, but we don’t see any clear bullish reversal structure yet. We are still doing lower highs/lows, and the 21 ema is pointing down, and to me, we must see more confirmation in order to call it a buy again.
If the index is about to reverse, now is the best time for it:
In the daily chart, we see that the index is trying to stabilize at a very important support level around the 4,167, which supported the price at least 5 times in the past.
What’s more, this support level could be the neckline of a Head & Shoulders chart pattern in the weekly chart:
This tells us that this the last chance the SPX will have to react, otherwise, it’ll engage a bear trend for good. It is important to notice that it is dropping in the last 4 weeks, but the volume was below the average, and this gives me the impression that the market is dropping because people are just afraid and aren’t buying, instead of actually selling (or shorting) at this level.
The moment couldn’t be more complex and crucial. Regardless of what the SPX will do next, it seems we’ll have our answer soon, in the next few days. I’ll keep you guys updated on this every day, so, remember to follow me to keep in touch with my daily analyses!
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
