Hello traders and investors! Let’s see how the SPX is doing today! This week I was quite busy, so I couldn’t write your analyses, but now I’m back.
What we see here on the SPX is just what we already expected, just a continuation of the bull trend. We don’t see any reason to believe it’ll drop, and as long as we don’t see any confirmation of a reversal, it’ll remain bullish.
You might say that it is doing a top sign in the daily chart now, and I’m not going to disagree, however, keep in mind that the index did patterns like this many times in the past, and most of them were denied. Those that weren’t denied, created a short-lived bearish movement.
I think that it would be great to see a pullback to the 21 ema, but it is not going to drop, unless we see some bearish structure. Let’s try the 1h chart:
The trend is clearly bullish here as well, as we are doing higher highs/lows. It did another gap today, which was almost filled. If it fills this gap today or Monday, this might be an Exhaustion Bar. As the name implies, it is an exhaustion sign that could start a pullback in the 1h chart.
If the index does a lower high/low in the 1h chart, it’ll be another sign of a pullback, increasing the chances of the SPX seeking the 21 ema in the daily chart. If we lose the 21 ema in the 1h chart, that would be another confirmation.
So far, we don’t see any bearish structure, but we must always keep our eyes open to the signs. I’m eager to see what signs it’ll give to us next week.
If you liked this analysis, remember to follow me to keep in touch with my daily analyses on stocks and indices.
Have a good weekend.
What we see here on the SPX is just what we already expected, just a continuation of the bull trend. We don’t see any reason to believe it’ll drop, and as long as we don’t see any confirmation of a reversal, it’ll remain bullish.
You might say that it is doing a top sign in the daily chart now, and I’m not going to disagree, however, keep in mind that the index did patterns like this many times in the past, and most of them were denied. Those that weren’t denied, created a short-lived bearish movement.
I think that it would be great to see a pullback to the 21 ema, but it is not going to drop, unless we see some bearish structure. Let’s try the 1h chart:
The trend is clearly bullish here as well, as we are doing higher highs/lows. It did another gap today, which was almost filled. If it fills this gap today or Monday, this might be an Exhaustion Bar. As the name implies, it is an exhaustion sign that could start a pullback in the 1h chart.
If the index does a lower high/low in the 1h chart, it’ll be another sign of a pullback, increasing the chances of the SPX seeking the 21 ema in the daily chart. If we lose the 21 ema in the 1h chart, that would be another confirmation.
So far, we don’t see any bearish structure, but we must always keep our eyes open to the signs. I’m eager to see what signs it’ll give to us next week.
If you liked this analysis, remember to follow me to keep in touch with my daily analyses on stocks and indices.
Have a good weekend.
🔴 Only 5% of traders manage to beat the market.
👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
