SPX: Powerful Breakout! The Index Seems Unstoppable (For Now).
• The SPX triggered the pivot point at 4k, which we mentioned in our last analysis, and the trend is now bullish (the link to my previous analysis is below this post);
• Now, the support levels are: 21 ema; 4k; and the lower purple trend line. The SPX would have to lose all these support levels, doing a downwards breakout from its Ascending Channel, in order to reverse the bullish bias;
• In the daily chart, the index broke the trend we talked about in our previous study, indicating that it is reversing the trend;
• What’s more, it triggered a bullish pivot point, as it broke the previous high at 4,039 after doing a higher low (3,909);
• Now it appears the index is seeking the next resistance at 4,078 (Futures already hit this resistance level);
• There is a possibility that the index triggered an Inverse Head & Shoulders chart pattern as well, indicating that the bullish reversal has just started. In this scenario we would easily hit the 4,200 in the next few weeks;
• I’ll keep you updated on this. For now, let’s pay attention to the movements in the 1h chart.
Remember to follow me to keep in touch with my daily analysis!
• Now, the support levels are: 21 ema; 4k; and the lower purple trend line. The SPX would have to lose all these support levels, doing a downwards breakout from its Ascending Channel, in order to reverse the bullish bias;
• In the daily chart, the index broke the trend we talked about in our previous study, indicating that it is reversing the trend;
• What’s more, it triggered a bullish pivot point, as it broke the previous high at 4,039 after doing a higher low (3,909);
• Now it appears the index is seeking the next resistance at 4,078 (Futures already hit this resistance level);
• There is a possibility that the index triggered an Inverse Head & Shoulders chart pattern as well, indicating that the bullish reversal has just started. In this scenario we would easily hit the 4,200 in the next few weeks;
• I’ll keep you updated on this. For now, let’s pay attention to the movements in the 1h chart.
Remember to follow me to keep in touch with my daily analysis!
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