SPX: Poised to Seek Lower Support Levels.
• The bear market persists on the SPX, as it lost our support at 4,015 and there’s no bottom sign on it yet;
• Now the 4,015 is a resistance area for any bullish reaction. In addition to his resistance, there is the 21 ema and the 4,060 (our previous support). These key points reinforce the mid-term bearish thesis;
• In the lack of bullish reaction, the index is heading to the 3,949, the next support level;
• The SPX triggered a bearish pivot point this week (a lower high/low) when it lost the 4,060. It would take a very good and powerful bullish reaction to reverse the bear trend, and so far, there’s no technical evidence pointing to that direction. I’ll keep you updated on this.
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• Now the 4,015 is a resistance area for any bullish reaction. In addition to his resistance, there is the 21 ema and the 4,060 (our previous support). These key points reinforce the mid-term bearish thesis;
• In the lack of bullish reaction, the index is heading to the 3,949, the next support level;
• The SPX triggered a bearish pivot point this week (a lower high/low) when it lost the 4,060. It would take a very good and powerful bullish reaction to reverse the bear trend, and so far, there’s no technical evidence pointing to that direction. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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