Hello traders and investors! Let’s see how the SPX is doing today!
Again, the 3,979 worked as a resistance, and this is not a surprise at all. We've been talking about the 3,979 since last week, and we know that as long as the index stays under this price, it can’t do a decent reversal. The link to my previous analysis is below this post, as usual.
At least, the index filled the last gap, making it an Exhaustion Gap, which is a sign of a reversal ahead, but again, in my view, we still must break the 3,979, as this will trigger a Pivot Point in the 1h chart.
Another interesting thing is that we are trying to break the purple trend line in the daily chart, and this will surely put an end to the bearish bias. This alone is not enough for a bullish reversal, but by adding the other signs we have (Exhaustion Gap and possible Pivot Point in the 1h chart), we can build a nice bullish thesis.
If the price finds a resistance at this purple line, and loses today’s low, we could drop again to the 3,858 (previous support).
By breaking the 3,979, I see the index retesting the area around the 21 ema and the 4,090 in the daily chart, in the short-term. By breaking the 4,090, it’ll trigger a Double Bottom chart pattern in the daily chart, a mid-term reversal, that could take the SPX to the 4,500 again.
I do daily analysis on the SPX, so remember to follow me to keep in touch with my insights!
is it too late to buy? Should we wait for pullback?
Vibranium_Capital
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It’s a interesting analysis
lauralea
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I wish I were as bullish as you (o: Thx for chart.
Nathan_Black
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@lauralea, Thanks, Laura! But I'm not bullish - I could be, if we break the 3,979 and confirm more reversal patterns. For now, I'm still neutral! Have a good day!