SPX: Lost a Key Support. What's Next?
• The SPX lost our key support at 4,100, and it did a correction to its next technical support, the 21 ema;
• Now, it seems we have a bullish reaction above the 21 ema, however, this reaction wasn’t that good;
• The bias is still bullish, as the index is still above the 21 ema, but would be important to see a more powerful reaction, preferably, closing above the 4,100 again;
• Only if the index loses its 21 ema we would see a rejection of this bullish bias, and in this scenario, the next support would be the 4,015 (red line);
• For now, let’s pay attention to the 21 ema and to the 4,100 area. I’ll keep you updated on this.
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• Now, it seems we have a bullish reaction above the 21 ema, however, this reaction wasn’t that good;
• The bias is still bullish, as the index is still above the 21 ema, but would be important to see a more powerful reaction, preferably, closing above the 4,100 again;
• Only if the index loses its 21 ema we would see a rejection of this bullish bias, and in this scenario, the next support would be the 4,015 (red line);
• For now, let’s pay attention to the 21 ema and to the 4,100 area. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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