SPX: Be aware of this KEY POINT! Is this a bottom?
• The index did exactly what we described yesterday, as we nailed another support level on the index, at 4,028 (it hit 4,026, but we aren’t that perfectionists). The link to my previous analysis is below this post, as usual;
• Now the index is trying to react, and the 4,028 is just where the 21 ema is (1h chart);
• It is losing strength, but if it closes above the 38.2% retracement, it might bounce a little bit more;
• However, if it loses our dual support level made by the 4,028 + 21 ema, then it’ll probably seek the next retracements;
• The 61.8% is the last one, and only if the index loses it we might see a sharper correction in the daily chart, to its 21 ema;
• Speaking of daily chart, it seems it triggered a Spinning Top candlestick pattern, which might bring more correction ahead;
• For now, let’s pay attention to the dual-support level in the 1h chart, as it all depends on how it’ll react around this area today. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• Now the index is trying to react, and the 4,028 is just where the 21 ema is (1h chart);
• It is losing strength, but if it closes above the 38.2% retracement, it might bounce a little bit more;
• However, if it loses our dual support level made by the 4,028 + 21 ema, then it’ll probably seek the next retracements;
• The 61.8% is the last one, and only if the index loses it we might see a sharper correction in the daily chart, to its 21 ema;
• Speaking of daily chart, it seems it triggered a Spinning Top candlestick pattern, which might bring more correction ahead;
• For now, let’s pay attention to the dual-support level in the 1h chart, as it all depends on how it’ll react around this area today. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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