Hello guys! So, SPX it’s trapped within this sideway trend since April 29, and today it failed again in breaking out of it. You guys know that I think this bull trend is just FOMO, but let’s try to find out some sense of it.
Yes, today's candle throws a bucket of cold water at the bulls. Maybe it’s a triple top here, but we need the confirmation tomorrow, and SPX failed in closing above the 61.8% fib retracement, which I said in my last analysis it was a very important thing to do, otherwise there will be people wondering if it’s a triple top, just like me right now. If you missed my last analysis, the link to it is below.
But let’s see the hourly chart, because there’re some interesting clues there:
Maybe, what the bulls really need is a pullback here to gather the strength they need to officially breakout from this sideway trend, and the best way to do this is through a pivot. Also, if you are still here you must be finding what I’m saying here at least a little interesting, right? So, support this idea, and remember to follow me to keep updated about my trades and analyses, I’m everyday here, and I’m sure you’ll find something useful to you.
Now, let’s look at the weekly chart:
See why the bulls should react quickly? We are under a fib retracement and near the 21 ema at the weekly chart, if a pullback would be made, it’s easy to imagine SPX back to the 38.2% fib retracement again. Let’s see how things will work out for SPX!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
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@Nathan_Black Confirmed breakout, as long as we close above the candle??...
Nathan_Black
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@farmerisland, Exactly! The bulls should keep the price up!
CriptoJoe
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I'm with you here man, just very scared of the feds. But thanks a lot, this is really great information
Nathan_Black
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@johanam31415, Hey johanam! I'm glad to help! We are in this together, and I'll post another analysis today. Let's see how SPX will behave.
I wish you well.
BKro
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No such thing as a triple top.. gap to be filled at 3,000 then it will get interesting also where the 200 day SMA magically stands
Nathan_Black
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@BKro23, That's right, thank you my friend! I really didn't notice this gap, I'll draw it in my next analysis. So, there're 2 gaps to be filled up and other 2 down. Keep in touch!
My best regards.
azdevil
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My feeling is it fills the GAP at 2864, then resumes higher from there.
azdevil
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Nathan once again great work. Question, what makes you believe if it does come in that it would go all the way to the .382 Fib, which would mean a for sure trend change. It seems the 50% has held now for 5 consecutive weeks and counting - so like 279 level?