SPX: Still BEARISH! Next KEY POINTS to watch from here!
• The index has an open gap at 3,818, which is a technical support level;
• Today, it is trying to stabilize above this gap, but the trend is still bearish;
• As long as the index keeps doing lower highs/lows in the 1h chart, and it stays below its 21 ema (which is pointing down, by the way), we can’t say the trend will reverse;
• So far, there’s no bullish reaction around indicating a possible bounce;
• For now, let’s keep our eyes on this gap at 3,818.
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• Today, it is trying to stabilize above this gap, but the trend is still bearish;
• As long as the index keeps doing lower highs/lows in the 1h chart, and it stays below its 21 ema (which is pointing down, by the way), we can’t say the trend will reverse;
• So far, there’s no bullish reaction around indicating a possible bounce;
• For now, let’s keep our eyes on this gap at 3,818.
Remember to follow me to keep in touch with my daily analyses!
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