SPX: Correcting sharply! Is it a buy now?
Hello traders and investors! Let’s see how the index is doing today!
First, in the 1h chart, the index lost the support level we warned about yesterday, the 4,540, and it is doing the sharper correction we mentioned. So far, everything is doing according to the technique, however, we don’t see a clear buy sign yet.
What’s more, the index lost the support at 4,500 doing a gap, which might be an Exhaustion Gap if the index goes up and fills it by Friday.
In the daily chart, we hit our first support level at the 21 ema, and we almost hit the first Fibonacci’s Retracement at 38.2%. Depending on how the index reacts near this support level, it might be a buy again, however, we don’t see any buy sign for now.
Now that we are near our support level in the daily chart, it is the best time for a reaction, so we must patiently wait for it. Either way, I’ll keep you guys updated on it every day, so remember to follow me to keep in touch with my analyses!
First, in the 1h chart, the index lost the support level we warned about yesterday, the 4,540, and it is doing the sharper correction we mentioned. So far, everything is doing according to the technique, however, we don’t see a clear buy sign yet.
What’s more, the index lost the support at 4,500 doing a gap, which might be an Exhaustion Gap if the index goes up and fills it by Friday.
In the daily chart, we hit our first support level at the 21 ema, and we almost hit the first Fibonacci’s Retracement at 38.2%. Depending on how the index reacts near this support level, it might be a buy again, however, we don’t see any buy sign for now.
Now that we are near our support level in the daily chart, it is the best time for a reaction, so we must patiently wait for it. Either way, I’ll keep you guys updated on it every day, so remember to follow me to keep in touch with my analyses!
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