SPX: Could it REVERSE? Pay attention to these KEY POINTS!
• The index is on “bear mode” again, as it is doing lower highs/lows in the 1h/D charts, and it is trading below the 21 ema;
• It did a technical bullish candlestick yesterday, a Hammer, closing above the 3,818 (gap support). This is a sign of strength;
• Despite the bullish reaction, this Hammer wasn’t triggered, and the SPX has to break other key points in order to reverse the bearish sentiment;
• First, there’s the 21 ema in the 1h chart. Second, it has to fill the previous gap at 3,868 (1h chart), making it an Exhaustion Gap. Only if SPX reacts in this specific way I would be convinced that the “bear mode” might end;
• For now, I’ll stick with my original view: Since it is losing the support at 3,818 and it lacks bullish reaction, the next support to aim is the 3,744. So far, there’s no technical reaction that could convince me otherwise;
• I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• It did a technical bullish candlestick yesterday, a Hammer, closing above the 3,818 (gap support). This is a sign of strength;
• Despite the bullish reaction, this Hammer wasn’t triggered, and the SPX has to break other key points in order to reverse the bearish sentiment;
• First, there’s the 21 ema in the 1h chart. Second, it has to fill the previous gap at 3,868 (1h chart), making it an Exhaustion Gap. Only if SPX reacts in this specific way I would be convinced that the “bear mode” might end;
• For now, I’ll stick with my original view: Since it is losing the support at 3,818 and it lacks bullish reaction, the next support to aim is the 3,744. So far, there’s no technical reaction that could convince me otherwise;
• I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
⚠️ 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.