SPX: Being SQUEEZED! Strategies for a BREAKOUT!Hello traders and investors! Let’s see how the SPX is doing today!
First, in the 1h chart, we see that it is still below the key point at 3,810 (purple line), while the 21 ema keeps going up, squeezing the price more and more against the purple line, as time passes.
If the index loses its 21 ema, the gap at 3,694 would attract the price, and it could go even lower, maybe to the 3,636 again (green line). On the other hand, if we break the 3,810 it is easy to see the index filling the upper gap around 4k.
The main problem with this bullish thesis is that before the 4k, we have the 21 ema in the daily chart around 3,900, and since the SPX is still in a bear trend, the ema is supposed to work as a resistance for us.
For now, let’s keep our eyes open, as we are between two important key points in the 1h chart, and a breakout to any direction would dictate SPX’s movements for the next couple of days.
I’ll keep you guys updated on this, so remember to follow me!
