There will be dark times for SPX?
And the fight continues! Just when I think the bulls reacted very well, the bears destroyed their hopes during the day. Yesterday, the 21 ema hold the prices and SPX did a bullish candle, which is interesting, but today it closed dangerously near that light blue line and did what it seems a Gravestone Doji. All the bull power vanished during today’s session.
I’m not entirely convinced of any movement here, but I’m aware it’s a bull trend. Now take a look at the hourly chart below. Today’s candle could be just the price finding it’s support on the 21 ema again. The exact same thing happened about 4 days ago, and it was a real bear trap. I saw lots of people calling it a short trade, but here, we knew that we needed to be careful, after all, we are in a bull trend (for now). I'll put the link of that analysis below.
Hourly chart:
But what bugs me it’s the weekly chart. It’s way too stretched, I’m not entirely comfortable with that. There’s a chance of that Shooting Star get canceled by the bulls, but until then, I’m not convinced. It’s too close to a fib retracement, which helps to hold the price. The bulls need to be very strong here to surpass all these bearish signs.
Weekly chart:
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
I’m not entirely convinced of any movement here, but I’m aware it’s a bull trend. Now take a look at the hourly chart below. Today’s candle could be just the price finding it’s support on the 21 ema again. The exact same thing happened about 4 days ago, and it was a real bear trap. I saw lots of people calling it a short trade, but here, we knew that we needed to be careful, after all, we are in a bull trend (for now). I'll put the link of that analysis below.
Hourly chart:
But what bugs me it’s the weekly chart. It’s way too stretched, I’m not entirely comfortable with that. There’s a chance of that Shooting Star get canceled by the bulls, but until then, I’m not convinced. It’s too close to a fib retracement, which helps to hold the price. The bulls need to be very strong here to surpass all these bearish signs.
Weekly chart:
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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