SPX: Still bullish (despite the drop)! What's next?

Hello traders and investors! Let’s see how the index is doing today!

As we expected, it is doing exactly what it should do, as it corrected, but didn’t lose the support at 4,073, and now it is trying to react. We discussed this possibility yesterday, and the link to my last analysis is below this post, as usual.

In the 1h chart, the 21 ema is flat, and it seems the index is just inside a range, between the 4,073 and the 4,168, which seems to be the most important resistance to break.


In the daily chart, we see that the SPX is reacting just above the dual-support area at the red line (4,090) and the 21 ema. This reinforces a bullish scenario, and as long as the index stays above this support area, the odds are that it’ll remain bullish, and seek the next resistances. Only if we lose this dual-support we would see a bearish reversal.

The next resistance is the 4,300, and today’s reaction is quite good, so far, but it must break the 4,168 in order to confirm the continuation of the bull trend seen in both, 1h and D charts.

I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with analyses!