SP: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 SP:SPX broke the 200 EMA support level was in February 2020, just before the first covid lockdowns happened.
As long as SP:SPX holds the support level, we're going up from here!
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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.
The 4 hour IS a small timeframe… zoom@Out to the weekly… it’s getting brutal there….
Ganbu
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@LadyAmalthea12, looks alright to me.
merkd1904
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Is there any historical precedent for the 4h EMA acting as a target in the past?
Ganbu
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@merkd1904, it has acted as a support many times in the past. More recently, it has been a strong support level for the past 16 months.
merkd1904
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@Shocs the reason i ask is there’s no validations on your chart. Meaning there’s no touches.
BrianClow
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Welp, that didn't age well. What is the next support level?
Ganbu
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@BrianClow, no candle has closed under the support level yet, that's a good sign. It surely is testing the support level for the time being but it seems to be holding up well. Patience is key!
Ganbu
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@BrianClow, As I said. Patience is key. Looks like it aged pretty well.