SPX: Will it crash or just correct? These charts might help you.
Hello traders and investors! Let’s see how the SPX is doing today!
Despite the drop, the index is still in a clear bull trend in the 1h chart, as we only see higher highs/lows, and there’s not a single bearish structure that could convince me of a reversal (for instance: Double Top, H&S, bearish pivot point triggered, etc.).
However, pullbacks are expected, and a correction to the 21 ema, or to the pink line at 4,500 would be acceptable, and the trend would still be bullish. If it loses this support area, the 4,461 might work as a support again, but this would make the bull trend weaker, in the short-term.
In the daily chart, the SPX looks interesting. For the first time in 2022, we have been consistently trading above the 21 ema, and although it could correct to the ema again, that wouldn’t be a surprise, because since Mar 14, we don’t see a correction on it.
The volume is not the best lately, and this could trigger some weakness on the index this week. Either way, let’s pay attention to the 21 ema in the 1h and D charts, and the 4,500 and 4,461 area.
Since we have too many support levels on it, and no clear reversal sign, the SPX still looks bullish for the short/mid-term, and there’s no technical reason to convince me to change my mid-term target at 4,595, even considering that a possible pullback to the 21 ema could occur soon.
I’ll keep you guys updated every day on this, so remember to follow me to not miss any of my future analyses!
Despite the drop, the index is still in a clear bull trend in the 1h chart, as we only see higher highs/lows, and there’s not a single bearish structure that could convince me of a reversal (for instance: Double Top, H&S, bearish pivot point triggered, etc.).
However, pullbacks are expected, and a correction to the 21 ema, or to the pink line at 4,500 would be acceptable, and the trend would still be bullish. If it loses this support area, the 4,461 might work as a support again, but this would make the bull trend weaker, in the short-term.
In the daily chart, the SPX looks interesting. For the first time in 2022, we have been consistently trading above the 21 ema, and although it could correct to the ema again, that wouldn’t be a surprise, because since Mar 14, we don’t see a correction on it.
The volume is not the best lately, and this could trigger some weakness on the index this week. Either way, let’s pay attention to the 21 ema in the 1h and D charts, and the 4,500 and 4,461 area.
Since we have too many support levels on it, and no clear reversal sign, the SPX still looks bullish for the short/mid-term, and there’s no technical reason to convince me to change my mid-term target at 4,595, even considering that a possible pullback to the 21 ema could occur soon.
I’ll keep you guys updated every day on this, so remember to follow me to not miss any of my future analyses!
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