SPX S&P 500 Index: Support Areas Going Down
Hello friends, today you can review the technical analysis on the 1D linear scale chart for S&P 500 Index (SPX). There are many technical indicators and oscillators noted in the analysis, so please review everything.
#CryptoPickk noted in the chart:
1) The S&P 500 Index met an all time high recently and has been correcting since that point.
2) In the Idea below, #CryptoPickk shows the macro chart of SPX and how it has been on a massive run. A correction was more or less imminent.
3) A Fibonacci Retracement is shown with the price currently hovering around the Golden Pocket (0.65-0.618) zone. The 0.382 level is an area where the price may touch and move back up.
4) The 0.382 Fib level is also in the area of the 100 MA (moving average) around $4,481.
5) There are three noted support areas in the green dash lines. The bottom two fall in the area of the 100 MA and 0.382 Fib level as well as prior Support and Resistance (S/R) areas.
6) The Volume Profile (VPVR) shows heavy pockets of volume around the 100 MA as circled in the red oval on the left side of the chart.
7) The RSI (relative strength index) has been falling with prior trends of dropping RSI levels in the red ovals. With sharp drops in RSI, there is also fairly quick recoveries showing many V or W shaped recoveries.
8) The Volume is healthy but naturally since it is a major US Exchange.
9) If the price goes to the 100 MA and 0.382 Fibonacci areas, it could drop another 3%.
10) If price falls past the 0.236 Fib area, we could go back down much further.
11) If SPX falls, expect the other markets to fall as well including #Cryptocurrencies. The US Dollar Index (DXY) may get stronger during this time.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk noted in the chart:
1) The S&P 500 Index met an all time high recently and has been correcting since that point.
2) In the Idea below, #CryptoPickk shows the macro chart of SPX and how it has been on a massive run. A correction was more or less imminent.
3) A Fibonacci Retracement is shown with the price currently hovering around the Golden Pocket (0.65-0.618) zone. The 0.382 level is an area where the price may touch and move back up.
4) The 0.382 Fib level is also in the area of the 100 MA (moving average) around $4,481.
5) There are three noted support areas in the green dash lines. The bottom two fall in the area of the 100 MA and 0.382 Fib level as well as prior Support and Resistance (S/R) areas.
6) The Volume Profile (VPVR) shows heavy pockets of volume around the 100 MA as circled in the red oval on the left side of the chart.
7) The RSI (relative strength index) has been falling with prior trends of dropping RSI levels in the red ovals. With sharp drops in RSI, there is also fairly quick recoveries showing many V or W shaped recoveries.
8) The Volume is healthy but naturally since it is a major US Exchange.
9) If the price goes to the 100 MA and 0.382 Fibonacci areas, it could drop another 3%.
10) If price falls past the 0.236 Fib area, we could go back down much further.
11) If SPX falls, expect the other markets to fall as well including #Cryptocurrencies. The US Dollar Index (DXY) may get stronger during this time.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
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