SPX: Next Support/Resistance levels to watch from here!
• The SPX is in a short-term bull trend, doing higher highs/lows, trading above the 21 EMA;
• Its last bottom level was above a dual-support level, made by the 21 EMA and the upper trend line of an Ascending Channel, which SPY did an upwards breakout;
• This dual-support coincides with the 21 EMA in the daily chart, which we nailed as our main support on our previous public study on SPX – link below this post, as usual;
• Everything point to a continuation of the momentum, as we don’t see any meaningful top sign, so far;
• However, if SPX is about to correct, now would be a good time, as it just filled a Gap (3,965), and any bearish reaction in this area would suggest a pullback to the 21 EMA again, at least;
• Since there’s no clear bearish reversal structure, the next resistance on it is the 4,053;
• So far, everything is going according to the plan, and the SPX is behaving as expected. I'll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• Its last bottom level was above a dual-support level, made by the 21 EMA and the upper trend line of an Ascending Channel, which SPY did an upwards breakout;
• This dual-support coincides with the 21 EMA in the daily chart, which we nailed as our main support on our previous public study on SPX – link below this post, as usual;
• Everything point to a continuation of the momentum, as we don’t see any meaningful top sign, so far;
• However, if SPX is about to correct, now would be a good time, as it just filled a Gap (3,965), and any bearish reaction in this area would suggest a pullback to the 21 EMA again, at least;
• Since there’s no clear bearish reversal structure, the next resistance on it is the 4,053;
• So far, everything is going according to the plan, and the SPX is behaving as expected. I'll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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