SPX: Hit our target today! What's next?
Hello traders and investors! Let’s see how the SPX is doing today!
In the 1h chart, we see the beginning of a bullish reaction, as the index finally broke the 4,456 area, which was the most important resistance for the short/mid-term.
Today, the index hit its first target at 4,481 by filling the gap, and now it is losing strength, as expected after hitting a resistance. We set this target on my analysis on April 14, as you can check on the link below this post, when the index was looking like this:
Now we have two support levels for the short-term: The first one is the 4,456 again, and the other one is the 21 ema.
The daily chart reinforces the idea that the index is in early stages of reversal, as it is breaking the 21 ema and the 38.2% retracement as well.
Yesterday we had a nice bar, and the volume was good (not great, just good). After movements like this, it is normal to see corrections that could last for one day or two, but the index must not lose the 4,400, otherwise, it’ll frustrate the reversal patterns it is building and it could resume the bear trend again.
For now, the situation seems under control, and the index is behaving according to the technique. Our next resistance is at 4,521. I’ll keep you guys updated every day on this, so remember to follow me to not miss any of my future analyses!
In the 1h chart, we see the beginning of a bullish reaction, as the index finally broke the 4,456 area, which was the most important resistance for the short/mid-term.
Today, the index hit its first target at 4,481 by filling the gap, and now it is losing strength, as expected after hitting a resistance. We set this target on my analysis on April 14, as you can check on the link below this post, when the index was looking like this:
Now we have two support levels for the short-term: The first one is the 4,456 again, and the other one is the 21 ema.
The daily chart reinforces the idea that the index is in early stages of reversal, as it is breaking the 21 ema and the 38.2% retracement as well.
Yesterday we had a nice bar, and the volume was good (not great, just good). After movements like this, it is normal to see corrections that could last for one day or two, but the index must not lose the 4,400, otherwise, it’ll frustrate the reversal patterns it is building and it could resume the bear trend again.
For now, the situation seems under control, and the index is behaving according to the technique. Our next resistance is at 4,521. 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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