SPX: About to Correct? Next Key Points to Watch.
• The SPX hit its resistance at 4,060, and now it seems it is losing strength;
• In the daily chart, we see a Shooting Star candlestick pattern, that if triggered, could take the index to lower levels;
• In the 1h chart, the SPX is correcting, and the next support is the 21 ema, which is ascending;
• The 21 ema in the 1h chart is almost at the same price the 21 ema in the daily chart is, making this a dual-support area;
• If the index loses this dual-support, I see a sharper correction to the 50% Fibonacci’s Retracement, near the 4k. The 4k is an important psychological key point for the index as well.
Remember to follow me to keep in touch with my daily analysis!
• In the daily chart, we see a Shooting Star candlestick pattern, that if triggered, could take the index to lower levels;
• In the 1h chart, the SPX is correcting, and the next support is the 21 ema, which is ascending;
• The 21 ema in the 1h chart is almost at the same price the 21 ema in the daily chart is, making this a dual-support area;
• If the index loses this dual-support, I see a sharper correction to the 50% Fibonacci’s Retracement, near the 4k. The 4k is an important psychological key point for the index as well.
Remember to follow me to keep in touch with my daily analysis!
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