Hello traders and investors! Ok, so the fight between bulls and bears continues here. The good news is the bears couldn’t keep the price below the 61.8% fib retracement, which is an important point to keep in mind. In my last SPX analysis, I said I wasn’t convinced by the bears, and there’s no clear bear sign around, and if you missed it, the link is below, as always.
The bears should put some serious effort to make me change my mind, but until then, we easily avoided three bears traps just following the trend. Now, let’s see the hourly chart:
In my last analysis I called your attention to this “Mutant H&S”, if triggered (IF) by losing its red line, it could lead the price to close the gap. On the other hand, if this pattern will be frustrated, then the bulls will have the strength they need to keep going, so it needs to trade above the pink line to resume the trend.
Now, as today it’s Friday, let’s study the weekly chart. But first, since you’ve reached this far, remember to support this idea clicking on the like button, and I invite you to follow me to keep in touch, after all, you wouldn't still be here if you weren't interested.
Ok, so SPX closed above the fib retracement, which is very good, and above the 21 ema. Clearly, it’s a bullish trend, and there are no signs of bears around, at least accordingly to my view. They could change my mind, yes, but until then, I'm a bull.
Of course, I’ll have my eyes open and keep you updated! Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
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Bears let the price drift higher so they get better prices to short IMO
Nathan_Black
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@DaddySawbucks, That might be true, yes. When the bears come out, we will join them, for sure.
Thanks, DaddySawbucks, I wish you a great weekend!
DaddySawbucks
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@Nathan_Black, Ty has been quite pleasant and stress-free with no futures and no position to worry and fret!
hyipster
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Thanks. Do you expect SPX to retest its ATH anytime soon ?
Nathan_Black
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@hyipster, Hello hyipster! Well, I don't like to do predictions, but I'm very suspicious about this bull trend, given all the catastrophic data we have from global economy. So, I don't know what to expect, but the good news is that it makes no difference, for my trading style is reactive, not predictive. As an investor it makes no difference either, since what I look is investments that makes sense for the long run.
That's it, my friend, it's my view about the situation.
I wish you the best.