SPX: New ATH! Crazy? No, just bull trend.
Hello traders and investors! Let’s what SPX is doing today! We are at the ATH again (what a surprise), and what can we do next?
The hourly chart is in an insane bull trend, and there’s no sign that things are going to change. Pullbacks to the 21 ema are acceptable and normal, and if I were on SPX right now, I would only book my profits if I see a bearish pivot triggered here. As long there’re no descending tops and bottoms, the trend will continue, and pullbacks are just opportunity to buy.
But, if you ask me, I would prefer to buy at a pullback in the daily chart:
Especially with this gap there. Would be an exhaustion gap or runaway gap? We will have our answer tomorrow, but right now, the question is in the air. If this is an exhaustion gap, we will see some correction ahead, which would be good.
SPX could drop to the purple trendline, or even to the black line, which is the pre-coronavirus ATH, and the trend would still be bullish.
Of course, it is all a big “if”, and since we don’t see any bearish sign around, let’s just stick to Dow Theory 6th tenet: “Trends Persist Until a Clear Reversal Occurs”. No clear reversal? Bull trend.
If this idea helped you, please, support it! And I invite you to follow me for more analyses like this one. I'm here every day, to share a few thoughts with you.
Recent public trades (links below):
XP: +30%
AAPL: +10%
LB: +45%
UKOIL: +62%
Congratulations to all of you, my dear subs, who believed in my trading methodology, and challenged the world by being a bull! We deserve to celebrate!
BECOME A MEMBER!
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 hourly chart is in an insane bull trend, and there’s no sign that things are going to change. Pullbacks to the 21 ema are acceptable and normal, and if I were on SPX right now, I would only book my profits if I see a bearish pivot triggered here. As long there’re no descending tops and bottoms, the trend will continue, and pullbacks are just opportunity to buy.
But, if you ask me, I would prefer to buy at a pullback in the daily chart:
Especially with this gap there. Would be an exhaustion gap or runaway gap? We will have our answer tomorrow, but right now, the question is in the air. If this is an exhaustion gap, we will see some correction ahead, which would be good.
SPX could drop to the purple trendline, or even to the black line, which is the pre-coronavirus ATH, and the trend would still be bullish.
Of course, it is all a big “if”, and since we don’t see any bearish sign around, let’s just stick to Dow Theory 6th tenet: “Trends Persist Until a Clear Reversal Occurs”. No clear reversal? Bull trend.
If this idea helped you, please, support it! And I invite you to follow me for more analyses like this one. I'm here every day, to share a few thoughts with you.
Recent public trades (links below):
XP: +30%
AAPL: +10%
LB: +45%
UKOIL: +62%
Congratulations to all of you, my dear subs, who believed in my trading methodology, and challenged the world by being a bull! We deserve to celebrate!
BECOME A MEMBER!
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. *
⚠️ Want to take your trading to the next level?
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.