That's why the bears didn't convince me.
Hello traders and investors! Ok, so the fight between bulls and bears continues here. The good news is the bears couldn’t keep the price below the 61.8% fib retracement, which is an important point to keep in mind. In my last SPX analysis, I said I wasn’t convinced by the bears, and there’s no clear bear sign around, and if you missed it, the link is below, as always.
The bears should put some serious effort to make me change my mind, but until then, we easily avoided three bears traps just following the trend. Now, let’s see the hourly chart:
In my last analysis I called your attention to this “Mutant H&S”, if triggered (IF) by losing its red line, it could lead the price to close the gap. On the other hand, if this pattern will be frustrated, then the bulls will have the strength they need to keep going, so it needs to trade above the pink line to resume the trend.
Now, as today it’s Friday, let’s study the weekly chart. But first, since you’ve reached this far, remember to support this idea clicking on the like button, and I invite you to follow me to keep in touch, after all, you wouldn't still be here if you weren't interested.
Ok, so SPX closed above the fib retracement, which is very good, and above the 21 ema. Clearly, it’s a bullish trend, and there are no signs of bears around, at least accordingly to my view. They could change my mind, yes, but until then, I'm a bull.
Of course, I’ll have my eyes open and keep you updated! Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
The bears should put some serious effort to make me change my mind, but until then, we easily avoided three bears traps just following the trend. Now, let’s see the hourly chart:
In my last analysis I called your attention to this “Mutant H&S”, if triggered (IF) by losing its red line, it could lead the price to close the gap. On the other hand, if this pattern will be frustrated, then the bulls will have the strength they need to keep going, so it needs to trade above the pink line to resume the trend.
Now, as today it’s Friday, let’s study the weekly chart. But first, since you’ve reached this far, remember to support this idea clicking on the like button, and I invite you to follow me to keep in touch, after all, you wouldn't still be here if you weren't interested.
Ok, so SPX closed above the fib retracement, which is very good, and above the 21 ema. Clearly, it’s a bullish trend, and there are no signs of bears around, at least accordingly to my view. They could change my mind, yes, but until then, I'm a bull.
Of course, I’ll have my eyes open and keep you updated! Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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