Analyzing recent moves on SPX - in bulltrend with bearish signal
We saw last week 2950 was a super strong resistance. We tested it three times in a few days.
This level coincides with the Weekly 200 EMA and the 100 Daily EMA. Also it has been a strong S/R historically.
After being rejected for the third time, SPX lost it’s support and broke through the support trendline formed by the early march low and a low early may. This support was tested 3 times this month and showed promising. Now it failed to hold.
We see SPX fell down and was caught by the support trendline formed by last 2 low’s and supported by the Daily 200 EMA. SPX is now heading up again, hoovering at the 50 Weekly EMA.
We are still strong, bullish trend is not over, but the speed of the move down was significant, showing some bearish strength. However, it is very important to note the bears were not able to realise a new local low. First we need to make new low’s before any real bearish sentiment can be confirmed.
I have no clue where SPX will go and this post is purely analyzing where SPX went and found S/R.
Personally I think it's about time to get some correction downwards, but only time will tell if the bears are strong enough.
This level coincides with the Weekly 200 EMA and the 100 Daily EMA. Also it has been a strong S/R historically.
After being rejected for the third time, SPX lost it’s support and broke through the support trendline formed by the early march low and a low early may. This support was tested 3 times this month and showed promising. Now it failed to hold.
We see SPX fell down and was caught by the support trendline formed by last 2 low’s and supported by the Daily 200 EMA. SPX is now heading up again, hoovering at the 50 Weekly EMA.
We are still strong, bullish trend is not over, but the speed of the move down was significant, showing some bearish strength. However, it is very important to note the bears were not able to realise a new local low. First we need to make new low’s before any real bearish sentiment can be confirmed.
I have no clue where SPX will go and this post is purely analyzing where SPX went and found S/R.
Personally I think it's about time to get some correction downwards, but only time will tell if the bears are strong enough.