SPX: Where is the next bottom on it? Key Points for next week.
• As we thought last Friday, the index did a sharp correction this week – the link to my analysis on Oct 28 is below this post;
• It just a dual-resistance area, made by the black line at 3,911 in the daily chart (multiple support/resistance level) and by the 21 ema in the weekly chart;
• Now, the index is rejecting completely last week’s positive candlestick;
• For now, there’s no clear bullish reaction indicating we will avoid a bearish scenario to the 3,500 area again;
• However, if we see a bullish reaction, now is the best time for it, as the index is struggling around its Fibonacci’s retracements in the daily chart;
• In my view, these retracements are the most important support levels in the short/mid-term.
Remember to follow me to keep in touch with my analyses!
• It just a dual-resistance area, made by the black line at 3,911 in the daily chart (multiple support/resistance level) and by the 21 ema in the weekly chart;
• Now, the index is rejecting completely last week’s positive candlestick;
• For now, there’s no clear bullish reaction indicating we will avoid a bearish scenario to the 3,500 area again;
• However, if we see a bullish reaction, now is the best time for it, as the index is struggling around its Fibonacci’s retracements in the daily chart;
• In my view, these retracements are the most important support levels in the short/mid-term.
Remember to follow me to keep in touch with my analyses!
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