SPX: Key supports and next TARGETS!

SP:SPX   S&P 500 Index
Hello traders and investors! Let’s see how the SPX is doing today!

First, in the 1h chart, it is doing as we expected in our last analysis (link below this post, as usual), as did a pullback to the 21 ema , and now it is just dancing around it, moving erratically. Now we must keep our eyes open, and watch closely the next key points.

It seems the SPX is just doing a sideways correction around the 21 ema , with the support at 4,073 (red line), and a resistance at 4,128 (green line). By losing the red line, the next targets will be the next supports, namely the 4,050 and the last one at 3,979.

On the other hand, if we break the green line, the bull trend will resume in the 1h chart, and we would seek higher resistances, probably above the 4,168. We must look at the daily chart from now on.

The index is in the early stages of a reversal, as we just triggered a Double Bottom , and we are finally trading above the 21 ema again, at least consistently. So far, the ema and the 4,090 are working as support levels.

In a bullish scenario, the 4,300 is our next target (as I already pointed out in my last analysis). However, the optimal target for this Double Bottom chart pattern would be the 4,500, but it would probably take a while to get there.

For now, let’s watch the support levels, namely the 4,073 (1h), and the 21 ema / 4,090 (D). The resistance we must break in order to resume the bull trend is the 4,128 (1h). I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!


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