SPX: Many Powerful Patterns | Complete Trend Analysis.
Updated
• The SPX did a Double Bottom chart pattern, just above the 4,048 support area, indicating that it is poised to seek higher levels from here;
• The trend is still bullish, and only if it performs a clear lower high/low we would see this changing – meaning, if the index is about to reverse, the confirmation will come if it loses the 4,048;
• For now, it appears it is seeking the next resistance at 4,195. There’s no bearish reversal structure or top signal indicating that it would frustrate this bullish momentum yet.
• In the weekly chart, it seems the index is inside an Ascending Triangle chart pattern. By breaking the 4,195 (the next technical resistance seen in the daily chart), the index will trigger a powerful bullish reversal pattern;
• The previous 2 candlestick patterns are Hammers, with long shadows under their bodies, which reinforces the bullish sentiment;
• Again, the index would have to lose the 4,048 in order to frustrate this sentiment. So far, it is still a bull trend.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• The trend is still bullish, and only if it performs a clear lower high/low we would see this changing – meaning, if the index is about to reverse, the confirmation will come if it loses the 4,048;
• For now, it appears it is seeking the next resistance at 4,195. There’s no bearish reversal structure or top signal indicating that it would frustrate this bullish momentum yet.
• In the weekly chart, it seems the index is inside an Ascending Triangle chart pattern. By breaking the 4,195 (the next technical resistance seen in the daily chart), the index will trigger a powerful bullish reversal pattern;
• The previous 2 candlestick patterns are Hammers, with long shadows under their bodies, which reinforces the bullish sentiment;
• Again, the index would have to lose the 4,048 in order to frustrate this sentiment. So far, it is still a bull trend.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
Comment
• The SPX is correcting today, however, it just reached its 21 ema on the 1h chart, and it seems it found a support there;
• Only if the index loses its 21 ema it would correct to lower levels. As long as we stay above it, no sharper correction will materialize;
• In order to resume the bull trend and seek higher levels, it would be good to see the SPX breaking the 4,148 line.
• We see some correction on the daily chart as well, but the index is still above its 21 ema – if it loses it, then it might get in trouble again;
• Either way, in order to trigger a meaningful long-term bearish structure, the SPX would have to lose the 4,048 again, our key support level.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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