SPX: Trading near its resistance! How to proceed?
Hello traders and investors! Let’s see how the SPX is doing today!
First, it is important to notice that we are in a bull trend. The index is doing higher highs/lows, it is above the 21 ema, and there’s nothing telling us that it will drop. We must keep an eye on some key points, though.
The 21 ema is a support that it must not lose, in order to keep trending, and today’s low is another interesting point to keep in mind. By losing these supports, we might do a pullback in the daily chart:
If the SPX drops, we have the 21 ema here to hold the price. We have other supports like the 4,465 and the 4,429, but I think the 21 ema is the most important one right now.
Even if the index drops in the next few days, the bias would still be bullish, as we don’t see any mid-term bearish structure. For the index to reverse, it would be required a much stronger structure, and we don’t see this so far.
Maybe the index found its top, but only time will tell. Remember to follow me to keep in touch with my daily updates on stocks and indices.
Have a good weekend!
First, it is important to notice that we are in a bull trend. The index is doing higher highs/lows, it is above the 21 ema, and there’s nothing telling us that it will drop. We must keep an eye on some key points, though.
The 21 ema is a support that it must not lose, in order to keep trending, and today’s low is another interesting point to keep in mind. By losing these supports, we might do a pullback in the daily chart:
If the SPX drops, we have the 21 ema here to hold the price. We have other supports like the 4,465 and the 4,429, but I think the 21 ema is the most important one right now.
Even if the index drops in the next few days, the bias would still be bullish, as we don’t see any mid-term bearish structure. For the index to reverse, it would be required a much stronger structure, and we don’t see this so far.
Maybe the index found its top, but only time will tell. Remember to follow me to keep in touch with my daily updates on stocks and indices.
Have a good weekend!
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