In my last analysis, I presented a bearish scenario for the SPX. I was convinced that the index would drop because of the following reasons:
1: The price is falling within an hugh falling channel.
2: In that channel, the price recently made an rising wedge, which broke bearish, making it likely that the price will continue to fall down.
3: SPX broke the resistance zone, which was support at that time.
We did see the falling down part. However, the price seems to be finding support at the mid level of the rising wedge. This begs the question: "Is the price actually bearish?"
At least on the short term it seems like it isnt. I am intereseted to see wether the SPX can rise above the resistance zone, while breaking the resistance of the channel. For now, i'll stay short term bullish with a longer term bias to lower prices.
1: The price is falling within an hugh falling channel.
2: In that channel, the price recently made an rising wedge, which broke bearish, making it likely that the price will continue to fall down.
3: SPX broke the resistance zone, which was support at that time.
We did see the falling down part. However, the price seems to be finding support at the mid level of the rising wedge. This begs the question: "Is the price actually bearish?"
At least on the short term it seems like it isnt. I am intereseted to see wether the SPX can rise above the resistance zone, while breaking the resistance of the channel. For now, i'll stay short term bullish with a longer term bias to lower prices.
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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.