SPX: Key points we must be aware of!
Hello traders and investors! Let’s see how the markets are doing today!
The SPX is doing a fantastic reaction, and if it defeats the 4,183 it’ll be a good sign, and it might retest the ATH again. But since it went up too fast, pullbacks are expected, and the index could drop to the 21 ema again, and this wouldn’t be a problem.
The area around the 4,183 and 4,188 seems to be a nice target for the index, and a resistance level too, as it was the previous support and it is a previous gap area. The 4,167 is another resistance, but I rather work with the gap area in the short/mid-term. Now, let’s see the daily chart for more clues:
Honestly, I overestimated the bears here, and I was expecting the index would retest the purple trendline, but it seems the 4,055 area did a good job already. Yesterday we had a Hammer pattern, above a support level, indicating a further upside movement.
The US market is looking great, along with Chinese and Brazilian markets. For instance, despite the sell-off seen around, in the past few months our private group has been trading some Brazilian ADRs, which have been doing amazingly well, and they do bring some equilibrium to our portfolios.
Right now, the market seems optimistic, but we must always seek balance, and work calmly, always seeking opportunities, preferably, where nobody else is looking.
If you liked this analysis, remember to follow me to keep in touch with my daily updates! Thank you very much!
The SPX is doing a fantastic reaction, and if it defeats the 4,183 it’ll be a good sign, and it might retest the ATH again. But since it went up too fast, pullbacks are expected, and the index could drop to the 21 ema again, and this wouldn’t be a problem.
The area around the 4,183 and 4,188 seems to be a nice target for the index, and a resistance level too, as it was the previous support and it is a previous gap area. The 4,167 is another resistance, but I rather work with the gap area in the short/mid-term. Now, let’s see the daily chart for more clues:
Honestly, I overestimated the bears here, and I was expecting the index would retest the purple trendline, but it seems the 4,055 area did a good job already. Yesterday we had a Hammer pattern, above a support level, indicating a further upside movement.
The US market is looking great, along with Chinese and Brazilian markets. For instance, despite the sell-off seen around, in the past few months our private group has been trading some Brazilian ADRs, which have been doing amazingly well, and they do bring some equilibrium to our portfolios.
Right now, the market seems optimistic, but we must always seek balance, and work calmly, always seeking opportunities, preferably, where nobody else is looking.
If you liked this analysis, remember to follow me to keep in touch with my daily updates! Thank you very much!
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