SPX: Back to a CRITICAL support level!
Updated
• Last Friday we nailed the bottom on the index, and it went up nicely afterwards;
• However, the SPX is back to our support level, and it all depends on how it’ll react from here;
• By losing the 4,028, then we might see a sharper pullback, and the 21 ema in the daily chart would be a good target to work with;
• If we react, then the bullish bias will persist, but for confirmation sake, would be important to see the index breaking the 21 ema in the 1h chart;
• Unlike last time when we called a bottom, the SPX lost the ema in the 1h chart, and as evidenced by the purple line, it did a lower high, this makes the trend weaker;
• However, keep in mind that in the daily chart the trend is still clearly bullish, and a pullback to the 21 ema wouldn’t ruin it at all;
• The 4,028 is the key point here, and only by losing it we can work with a sharper pullback. For now, let’s wait for more info. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• However, the SPX is back to our support level, and it all depends on how it’ll react from here;
• By losing the 4,028, then we might see a sharper pullback, and the 21 ema in the daily chart would be a good target to work with;
• If we react, then the bullish bias will persist, but for confirmation sake, would be important to see the index breaking the 21 ema in the 1h chart;
• Unlike last time when we called a bottom, the SPX lost the ema in the 1h chart, and as evidenced by the purple line, it did a lower high, this makes the trend weaker;
• However, keep in mind that in the daily chart the trend is still clearly bullish, and a pullback to the 21 ema wouldn’t ruin it at all;
• The 4,028 is the key point here, and only by losing it we can work with a sharper pullback. For now, let’s wait for more info. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
Note
The SPX broke our key support and it is dropping sharply now. Our next stop is the 21 ema, let's see if it gets there.Note
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