SPX: What it Takes to REVERSE? Let's see. 🕵️‍♂️
• Despite the Shooting Star from yesterday, it seems the SPX found a strong support level at the 21 ema;
• As stated yesterday, on my previous public analysis on SPX (link below), this movement could be just a pullback to the 21 ema, just to resume the bull trend again;
• Therefore, the 21 ema is our key support level, and only if the index loses it, we would see a stronger correction – possibly to the 3,744;
• Although it found a support at the 21 ema, and it closed above the 3,911 yesterday, it didn’t reject yesterday’s Shooting Star completely, as it must break yesterday’s high in order to do so (3,950) – however, I agree that it is doing a decent job so far;
• In my view, we won’t see more correction as long as we stay above this 21 ema. Let’s see what happens today, I’ll keep you updated every day on this.
Remember to follow me to keep in touch with my daily analyses!
• As stated yesterday, on my previous public analysis on SPX (link below), this movement could be just a pullback to the 21 ema, just to resume the bull trend again;
• Therefore, the 21 ema is our key support level, and only if the index loses it, we would see a stronger correction – possibly to the 3,744;
• Although it found a support at the 21 ema, and it closed above the 3,911 yesterday, it didn’t reject yesterday’s Shooting Star completely, as it must break yesterday’s high in order to do so (3,950) – however, I agree that it is doing a decent job so far;
• In my view, we won’t see more correction as long as we stay above this 21 ema. Let’s see what happens today, I’ll keep you updated every day on this.
Remember to follow me to keep in touch with my daily analyses!
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