SPX: A pullback to the Fibonacci's Retracements!
Hello traders and investors! Let’s see how the SPX is doing today!
Since our last analysis yesterday, the index went up nicely, and it is still in a bull trend in the 1h chart, despite the correction today. Our Bullish Sandwich worked very well, and this correction is expected.
So far, the 38.2% is holding the price, but as far as I know, the index could drop all the way down to the 61.8% at 4,540 and the trend would still be bullish in the 1h chart. If it loses this point, we would see a sharper correction in the daily chart.
The index is clearly bullish in the daily chart too, and if it loses the retracements in the 1h chart, a correction to the 21 ema would be ok. The 21 ema here is at 4,484 and it is rising every day. The longer it takes to correct, the weaker the bearish reaction will be.
It is interesting to notice that today’s correction occurred just after it gets closer to our red line at 4,597, indicating that this is an interesting key point, as it worked as support/resistance a few times in the recent past.
For now, we see no bearish reversal sign, but we must pay attention to the 61.8% retracement in the 1h chart. I’ll keep you guys updated, so remember to follow me to keep in touch with my daily analyses!
Since our last analysis yesterday, the index went up nicely, and it is still in a bull trend in the 1h chart, despite the correction today. Our Bullish Sandwich worked very well, and this correction is expected.
So far, the 38.2% is holding the price, but as far as I know, the index could drop all the way down to the 61.8% at 4,540 and the trend would still be bullish in the 1h chart. If it loses this point, we would see a sharper correction in the daily chart.
The index is clearly bullish in the daily chart too, and if it loses the retracements in the 1h chart, a correction to the 21 ema would be ok. The 21 ema here is at 4,484 and it is rising every day. The longer it takes to correct, the weaker the bearish reaction will be.
It is interesting to notice that today’s correction occurred just after it gets closer to our red line at 4,597, indicating that this is an interesting key point, as it worked as support/resistance a few times in the recent past.
For now, we see no bearish reversal sign, but we must pay attention to the 61.8% retracement in the 1h chart. I’ll keep you guys updated, so remember to follow me to keep in touch with my daily analyses!
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