SPX: Time to panic-sell?Hello traders and investors! Let’s see how the SPX is doing today!
The index isn’t doing anything impressive today, but at least it stopped dropping. Since it is reacting just above the support level made by the purple line, we might consider this as a good sign.
It is too soon to tell, but so far, today’s candlestick pattern is called Homing Pigeon , and this is a reversal pattern. It is not the best, I agree, but again, since we are above the support, we might consider it a good sign. However, the market must not deny this pattern, otherwise, the fall will continue.
I was expecting that the index would at least fill the gap at 4,444 , in a stressful scenario, and we almost did it today. This makes the situation hard to read, and the index is at a decisive point, and a good reaction here would be great.
It is for the best to wait for a decent reaction before assuming anything. If the index confirms and triggers any bullish candlestick pattern above this support area, I’ll see it as a buy opportunity.
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Have a good week!
