SPX: Doing great, but watch these key points just in case!
Hello traders and investors! Let’s see how the SPX is doing today! It might seem we are having a hard time today, but let’s do our usual Multi Time Frame Analysis (MTFA) to see if this is correct.
First, in the 1h chart, we are just doing a pullback to the support level, made by the black lines (gap and previous resistance) and the 21 ema. This is a triple-support level.
Now, the 4,213 is another pivot point, and if triggered, it’ll make the index fly again.
What’s more, we have a bull trend, as we have higher highs/lows, at least in the short-term, but this could be enough for the index to seek its ATH again.
Now, let’s see the daily chart:
Today’s candlestick is quite bearish, but this could be a bear trap, as we just had a pullback in the 1h chart. The 4,183 is a key point here, but it seems the index is just heading to the ATH.
There’s nothing unusual regarding the volume, and this movement is not surprising at all. Recently, the US market is doing amazingly well, just not as much as other markets around, like the Chinese or Brazilian markets, which are flying and our group has been trading them.
But I do believe the US market will fly again, and soon we’ll have more signs on the SPX. Let's watch the pivot point in the 1h chart!
Remember to follow me to keep in touch with my ideas and insights, and please, support this idea if you liked it!
Thank you very much!
First, in the 1h chart, we are just doing a pullback to the support level, made by the black lines (gap and previous resistance) and the 21 ema. This is a triple-support level.
Now, the 4,213 is another pivot point, and if triggered, it’ll make the index fly again.
What’s more, we have a bull trend, as we have higher highs/lows, at least in the short-term, but this could be enough for the index to seek its ATH again.
Now, let’s see the daily chart:
Today’s candlestick is quite bearish, but this could be a bear trap, as we just had a pullback in the 1h chart. The 4,183 is a key point here, but it seems the index is just heading to the ATH.
There’s nothing unusual regarding the volume, and this movement is not surprising at all. Recently, the US market is doing amazingly well, just not as much as other markets around, like the Chinese or Brazilian markets, which are flying and our group has been trading them.
But I do believe the US market will fly again, and soon we’ll have more signs on the SPX. Let's watch the pivot point in the 1h chart!
Remember to follow me to keep in touch with my ideas and insights, and please, support this idea if you liked it!
Thank you very much!
⚠️ Want to take your trading to the next level?
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.