SPX: Trading around a KEY SUPPORT level! What's next?
• The SPX is still trading at its key support level, just above the gap support at 3,818;
• The trend is still bearish, and if it loses this support level, it’ll resume the bearish sentiment to the next support level, which is at 3,744;
• However, the index is trying to bounce, as we saw some bullish reaction last week;
• Any bounce would have to face a major resistance level around 3,911. The 3,911 is a key point that worked as a support and resistance multiple times in the past, and it is where the 21 ema is right now;
• As long as the index stays between these key points, nothing new will happen;
• Either way, I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• The trend is still bearish, and if it loses this support level, it’ll resume the bearish sentiment to the next support level, which is at 3,744;
• However, the index is trying to bounce, as we saw some bullish reaction last week;
• Any bounce would have to face a major resistance level around 3,911. The 3,911 is a key point that worked as a support and resistance multiple times in the past, and it is where the 21 ema is right now;
• As long as the index stays between these key points, nothing new will happen;
• Either way, I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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