SPX On Its Way To Make A Higher Low?!
The SPX
is chilling in its falling channel, which at this point is still bearish. However, the last low was formed on a bullish divergence on the weekly rsi. As we can see on this chart, using Fetch Trends, an indicator made by me, we can also see that by the change of colors that the downtrend is becoming weak!
This is good news, because if the trend continues, we can expect a higher low, which would be the first one since september 2021. Holding the 3550-3650 support zone would be extremely bullish in that case, making it likely that the SPX made its low in October. W're not there yet so its to soon to celebrate, however, the slowing down of the downtrend is indeed a fact.
In conclusion: for now we have to stay bearish, but we may be looking at a possible light at the end of the tunnel.
is chilling in its falling channel, which at this point is still bearish. However, the last low was formed on a bullish divergence on the weekly rsi. As we can see on this chart, using Fetch Trends, an indicator made by me, we can also see that by the change of colors that the downtrend is becoming weak! This is good news, because if the trend continues, we can expect a higher low, which would be the first one since september 2021. Holding the 3550-3650 support zone would be extremely bullish in that case, making it likely that the SPX made its low in October. W're not there yet so its to soon to celebrate, however, the slowing down of the downtrend is indeed a fact.
In conclusion: for now we have to stay bearish, but we may be looking at a possible light at the end of the tunnel.
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.