SPX: Weekly Outlook and Targets.
Hello traders and investors! As it is Friday, let’s do our usual Multi Time Frame Analysis (MTFA) and try to understand what’s going on with the market.
Today the index is falling sharply, and it is losing its support around the red line. Also, it is triggering a bearish pivot, resuming the bear trend and making SPX seek further supports, which short sellers can use as targets.
The targets can be seen on the daily chart:
Since I don’t believe the yellow line will hold the price, the next targets for SPX are the red line, then the blue line. I explained the reasons why I believe in a sharper pullback on yesterday’s analysis, which is one of the most interesting analyses I ever did here on Tradingview, I really recommend the reading. Link below.
Also, it is interesting to notice that the yellow line, if lost, will trigger another bearish pivot in the daily chart, along with the one seen in the hourly chart. These two pivots in different time frames reinforces the odds of a pullback.
As long SPX trades under the 21 ema, it will remain in bear territory, and we don’t see any clear reversal sign.
Now, let’s see the weekly chart:
The index is falling more than 1% this week, and since this Dark Cloud Cover started the bearish movement, SPX could do a simple pullback to its 21 ema, which coincides with the previous resistance at 3232 (purple line).
This pullback would be a natural movement and wouldn’t spoil the long-term bull trend.
Also, the 3232 is an intermediary point between the next two supports seen in the daily chart, making it a reasonable target for SPX in the mid-term. Let’s see if it will be hit in the future! And if you found this analysis interesting, please, support it! And follow me to keep in touch with my daily analyses!
Either way, stay safe, and happy Quadruple Witching!
Today the index is falling sharply, and it is losing its support around the red line. Also, it is triggering a bearish pivot, resuming the bear trend and making SPX seek further supports, which short sellers can use as targets.
The targets can be seen on the daily chart:
Since I don’t believe the yellow line will hold the price, the next targets for SPX are the red line, then the blue line. I explained the reasons why I believe in a sharper pullback on yesterday’s analysis, which is one of the most interesting analyses I ever did here on Tradingview, I really recommend the reading. Link below.
Also, it is interesting to notice that the yellow line, if lost, will trigger another bearish pivot in the daily chart, along with the one seen in the hourly chart. These two pivots in different time frames reinforces the odds of a pullback.
As long SPX trades under the 21 ema, it will remain in bear territory, and we don’t see any clear reversal sign.
Now, let’s see the weekly chart:
The index is falling more than 1% this week, and since this Dark Cloud Cover started the bearish movement, SPX could do a simple pullback to its 21 ema, which coincides with the previous resistance at 3232 (purple line).
This pullback would be a natural movement and wouldn’t spoil the long-term bull trend.
Also, the 3232 is an intermediary point between the next two supports seen in the daily chart, making it a reasonable target for SPX in the mid-term. Let’s see if it will be hit in the future! And if you found this analysis interesting, please, support it! And follow me to keep in touch with my daily analyses!
Either way, stay safe, and happy Quadruple Witching!
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