SPX: Will it have the strength to defeat the ATH?
Hello traders and investors! Will there be a pullback ahead? The bull trend is quite strong, but I wonder if it will be enough to surpass the ATH. Let’s see what’s going on here, but first, I invite you to follow me to keep in touch with my daily analyses! I’m every day here, to share a few thoughts with you, and I’m sure you’ll find something good around.
Yes, it seems we have a double top here! The green line is a new resistance, which is very close to the black line (the true ATH). We can say that the ATH zone is holding the price, at least for now.
This double top would be triggered if SPX loses the purple line at 3262, this could lead to a further pullback. Now, the daily chart will give us more clues:
What bugs me on this chart, is the low volume, evidenced by the red arrow. The decrease in volume, near a resistance zone increases the chances of a pullback.
Either way, the trend is bullish, and in a bull trend, pullbacks are just opportunities to buy (or buy more/again). Also, would you please, support this idea? Since you’ve read this far, you must’ve found this analysis interesting, right? And again, follow me for more analyses like this!
Let’s see if the ATH will be defeated tomorrow, or if SPX will do a pullback by triggering a double top chart pattern pattern!
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. *
Yes, it seems we have a double top here! The green line is a new resistance, which is very close to the black line (the true ATH). We can say that the ATH zone is holding the price, at least for now.
This double top would be triggered if SPX loses the purple line at 3262, this could lead to a further pullback. Now, the daily chart will give us more clues:
What bugs me on this chart, is the low volume, evidenced by the red arrow. The decrease in volume, near a resistance zone increases the chances of a pullback.
Either way, the trend is bullish, and in a bull trend, pullbacks are just opportunities to buy (or buy more/again). Also, would you please, support this idea? Since you’ve read this far, you must’ve found this analysis interesting, right? And again, follow me for more analyses like this!
Let’s see if the ATH will be defeated tomorrow, or if SPX will do a pullback by triggering a double top chart pattern pattern!
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. *
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