SPX: Pullback Ahead?
• The SPX is correcting today, and it is trading around an important support level at 4,133 (top from Apr 04);
• If the index loses this key point, the next technical support is the 21 ema in the daily chart;
• The 21 ema is quite close to the 4,078, another key point that acted as a top (Mar 06) and as a support level multiple times (Apr 05, 06 and 10). Meaning, this is a dual-support area;
• The bias is still bullish, and it would remain bullish even considering a pullback to the 21 ema. So far, there’s no bearish reversal structure, and the index is still doing higher highs/lows;
• Only if it does a lower high/low we might see the trend reversing;
• For now, let’s pay attention on how the index will react around the 4,133 support area.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• If the index loses this key point, the next technical support is the 21 ema in the daily chart;
• The 21 ema is quite close to the 4,078, another key point that acted as a top (Mar 06) and as a support level multiple times (Apr 05, 06 and 10). Meaning, this is a dual-support area;
• The bias is still bullish, and it would remain bullish even considering a pullback to the 21 ema. So far, there’s no bearish reversal structure, and the index is still doing higher highs/lows;
• Only if it does a lower high/low we might see the trend reversing;
• For now, let’s pay attention on how the index will react around the 4,133 support area.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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