SPX: Doing a new record high again! How to proceed?
Hello traders and investors! Let’s see how the SPX is doing today!
We did a new record high today, and it looks like we have a top formation in the 1h chart. This might bring a pullback, but not a reversal. The 4,480 was the previous ATH, and now it is working as support for the index.
If we lose this support, the 21 ema is there to hold the price in the short-term. Beyond this point, we have an open gap, which is exactly where the 38.2% Fibonacci’s Retracement is, and a sharper pullback might lead the index to that point.
However, since the index triggered the Piercing Line pattern we have been discussing, the mid-term trend is clearly bullish, and short-term pullbacks in the 1h chart hardly will affect the momentum. We would need a clearer bearish structure.
The only thing that is messing up with our reading is the volume, which TradingView has no data since Aug 20. I hope they will correct this soon. The volume in the 1h chart was always unreadable, but if this spreads to the daily chart, we can’t study SPX properly through TradingView.
Anyway, let’s focus on the points mentioned in this analysis for the short-term. Since it is a bull trend, pullbacks are opportunities to buy.
If you made this far, remember to follow me to keep in touch with my daily analyses, and support this idea if it helped you!
Have a good day.
We did a new record high today, and it looks like we have a top formation in the 1h chart. This might bring a pullback, but not a reversal. The 4,480 was the previous ATH, and now it is working as support for the index.
If we lose this support, the 21 ema is there to hold the price in the short-term. Beyond this point, we have an open gap, which is exactly where the 38.2% Fibonacci’s Retracement is, and a sharper pullback might lead the index to that point.
However, since the index triggered the Piercing Line pattern we have been discussing, the mid-term trend is clearly bullish, and short-term pullbacks in the 1h chart hardly will affect the momentum. We would need a clearer bearish structure.
The only thing that is messing up with our reading is the volume, which TradingView has no data since Aug 20. I hope they will correct this soon. The volume in the 1h chart was always unreadable, but if this spreads to the daily chart, we can’t study SPX properly through TradingView.
Anyway, let’s focus on the points mentioned in this analysis for the short-term. Since it is a bull trend, pullbacks are opportunities to buy.
If you made this far, remember to follow me to keep in touch with my daily analyses, and support this idea if it helped you!
Have a good day.
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