SPX: NEW RECORD HIGH! What's next?
Hello traders and investors! Let’s see how the SPX is doing this Monday!
We don’t see any top sign yet, and the 21 ema is holding the price nicely. However, if it does any bearish structure around here, the pullback might lead the index back to the 4,465, which was a previous top level, and probably it’ll work as a support in the future.
We don’t see any bearish structure right now, and we just see a series of higher highs/lows in the 1h chart. Let’s see the daily chart for more clues:
The red line was a previous top and the previous ATH last month. Last Friday, it did what seems to be a Doji / Spinning Top, but the pattern wasn’t triggered. In fact, we are trading above Friday’s high, which just indicates strength.
The 21 ema in the daily chart is quite far from the price, but it is going up, and now it is near the support at 4,465, reinforcing the idea that it might stop there in case of a pullback. We also see the 4,429 area, but I’m not working with this possibility at the moment.
Even if the SPX does a pullback, let’s remember that the index is in a mid/long-term bull trend, and moments like this are opportunities to buy.
If you liked this analysis, remember to follow me to keep in touch with my daily studies, and support this idea if it helped!
Have a good day!
We don’t see any top sign yet, and the 21 ema is holding the price nicely. However, if it does any bearish structure around here, the pullback might lead the index back to the 4,465, which was a previous top level, and probably it’ll work as a support in the future.
We don’t see any bearish structure right now, and we just see a series of higher highs/lows in the 1h chart. Let’s see the daily chart for more clues:
The red line was a previous top and the previous ATH last month. Last Friday, it did what seems to be a Doji / Spinning Top, but the pattern wasn’t triggered. In fact, we are trading above Friday’s high, which just indicates strength.
The 21 ema in the daily chart is quite far from the price, but it is going up, and now it is near the support at 4,465, reinforcing the idea that it might stop there in case of a pullback. We also see the 4,429 area, but I’m not working with this possibility at the moment.
Even if the SPX does a pullback, let’s remember that the index is in a mid/long-term bull trend, and moments like this are opportunities to buy.
If you liked this analysis, remember to follow me to keep in touch with my daily studies, and support this idea if it helped!
Have a good day!
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