SPX: What if the index corrects? Take a look at these key points
• The SPX is still in a bull trend, despite the bearish candlestick pattern from yesterday – A Shooting Star;
• The SPX couldn’t trigger the pattern yet, as the 21 ema in the 1h chart did a good job holding the price yesterday - therefore, our target at 4,119 is still valid;
• However, there’s still a chance it’ll trigger a top sign if it loses the 21 ema in the 1h chart, along with the Shooting Star’s low around 3,956;
• This could trigger a pullback to the next support level around 3,900. In case it does a sharper pullback, the next stop would be the 21 ema in the daily chart;
• Yesterday’s volume was quite low as well, indicating weakness;
• For now, let’s pay attention to these key points: 21 emas, 3,956, 4,119 and 3,900.
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• The SPX couldn’t trigger the pattern yet, as the 21 ema in the 1h chart did a good job holding the price yesterday - therefore, our target at 4,119 is still valid;
• However, there’s still a chance it’ll trigger a top sign if it loses the 21 ema in the 1h chart, along with the Shooting Star’s low around 3,956;
• This could trigger a pullback to the next support level around 3,900. In case it does a sharper pullback, the next stop would be the 21 ema in the daily chart;
• Yesterday’s volume was quite low as well, indicating weakness;
• For now, let’s pay attention to these key points: 21 emas, 3,956, 4,119 and 3,900.
Remember to follow me to keep in touch with my analyses!
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