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Ganbu

SPX touched the 200 EMA on 4h and got rejected. Time to go up!

Long
S&P 500 Index (SP:SPX)  
Ganbu Updated   
SP:SPX   S&P 500 Index
Trend Analysis Support and Resistance Moving Averages S&P 500 (SPX500) SPX (S&P 500 Index) SPDR S&P 500 ETF (SPY) spylong spy500
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trendanalysis supportandresistance movingaverage spx500 spx spy spylong spy500
SPX had a solid retracement today and while the situation may seem bearish on smaller time frames, if we switch to the 4h time frame we can clearly see that technical analysis suggests we are still in a bullish trend. A rejection happened at the support level of 200 EMA. Last time SPX broke the 200 EMA support level was in February 2020, just before the first covid lockdowns happened.

As long as SPX holds the support level, we're going up from here!

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Comment:
Our patience is being tested. We can see a candlestick wick touched under the support level but it got rejected once again. As long as a candle doesn't close under it, we're good! Everything looking good so far.
Comment:
We started today with a gap up, just as expected.
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