SPX - Bearish like all other major U.S. indices
Updated
Similarly, like in the case of QQQ, we also maintain a bearish notion on SPX. Our price target stays at 4 000 USD.
Technical analysis - daily time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- are bearish too. ADX paused a climb and dipped lower. The daily time frame structurally coincides with QQQ and is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. ADX increases, which indicates that the bearish trend is gaining strength. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Technical analysis - daily time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- are bearish too. ADX paused a climb and dipped lower. The daily time frame structurally coincides with QQQ and is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. ADX increases, which indicates that the bearish trend is gaining strength. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Trade closed: target reached
SPX reached 4 001.05 USD; since it almost reached our price target, we would like to update it to 3800 USD.
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