SPX: Hit our Short-Term TARGET! What's next?
• The index hit our short-term target, the support at 3,980, as we mentioned yesterday, and it broke it downwards. The link to my previous analysis is below this post, as usual;
• Now, the trend is bearish in the 1h chart, as it did a lower low, and it is below the 21 ema. In theory, it’ll seek the 21 ema in the daily chart next, or maybe the 3,900 area;
• What could frustrate this short-term bearish sentiment? If the index reacts and breaks the 3,980 again, along with the 21 ema in the 1h chart. As long as the index remains below these two key points, the trend won’t reverse, and any bounce would be just a bounce, not a true reversal sign;
• Everything is still going according to the plan, but it seems we have yet to see more confirmation signs, regardless if it is going to drop more or reverse. I’ll keep you all updated every day on this, as usual.
Remember to follow me to keep in touch with my analyses!
• Now, the trend is bearish in the 1h chart, as it did a lower low, and it is below the 21 ema. In theory, it’ll seek the 21 ema in the daily chart next, or maybe the 3,900 area;
• What could frustrate this short-term bearish sentiment? If the index reacts and breaks the 3,980 again, along with the 21 ema in the 1h chart. As long as the index remains below these two key points, the trend won’t reverse, and any bounce would be just a bounce, not a true reversal sign;
• Everything is still going according to the plan, but it seems we have yet to see more confirmation signs, regardless if it is going to drop more or reverse. I’ll keep you all updated every day on this, as usual.
Remember to follow me to keep in touch with my analyses!
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