SPX: All according to the plan! What are the next KEY POINTS?
• Since our last study, the index has done exactly as we planned. It broke our key point at 3,980 and it resumed the trend all the way up to the next resistance. The link to my previous public analysis is below this post;
• However, the resistance at 4,028 seems to be a strong one. Naturally, the index is correcting. The question is how far can it drop?
• If the index fails in reacting around the 21 ema in the 1h chart, it seems the next support is at 3,980 (our previous key point). This is a short-term support;
• If it loses the 3,980, the next support is in the daily chart: The 21 ema. This is a mid-term support level, any reaction above its support might be an opportunity to buy;
• The index is correcting, but there’s no bearish reversal structure yet – so far, it is a pullback in a bull trend. I’ll keep you guys updated on this.
Remember to follow me to keep in touch with my analyses!
• However, the resistance at 4,028 seems to be a strong one. Naturally, the index is correcting. The question is how far can it drop?
• If the index fails in reacting around the 21 ema in the 1h chart, it seems the next support is at 3,980 (our previous key point). This is a short-term support;
• If it loses the 3,980, the next support is in the daily chart: The 21 ema. This is a mid-term support level, any reaction above its support might be an opportunity to buy;
• The index is correcting, but there’s no bearish reversal structure yet – so far, it is a pullback in a bull trend. I’ll keep you guys updated on this.
Remember to follow me to keep in touch with my analyses!
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