SPX: Hit our target! What's next?
Hello traders and investors! We nailed another target on the index, but it seems it wants to do a top sign now. The link to my previous analysis is below this post, as usual. Let’s see what’s going on.
First, in the 1h chart, it broke our target at 4,096, and it is trading above this resistance. Since it is a bull trend in the 1h chart, any pullback to the 4,096 or even to the 21 ema should be considered just a pullback. The next resistance is at 4,300.
Yes, the index is trying to give us some top signs, but it is too soon to tell if it’ll correct or not, as we don’t see a clear bearish structure yet.
Let’ see the daily chart now.
Yes, we broke the red line at 4,090, triggering a Double Bottom chart pattern in the daily chart. Despite the correction today, we are still above this line, and above the 21 ema, indicating that this is a reversal, indeed.
The only problem with this is the low volume, but as long as the index stays above its support levels, the situation will remain under control.
Everything is ok for now, and I’ll keep you updated every day on this, so remember to follow me to keep in touch with my daily analyses!
First, in the 1h chart, it broke our target at 4,096, and it is trading above this resistance. Since it is a bull trend in the 1h chart, any pullback to the 4,096 or even to the 21 ema should be considered just a pullback. The next resistance is at 4,300.
Yes, the index is trying to give us some top signs, but it is too soon to tell if it’ll correct or not, as we don’t see a clear bearish structure yet.
Let’ see the daily chart now.
Yes, we broke the red line at 4,090, triggering a Double Bottom chart pattern in the daily chart. Despite the correction today, we are still above this line, and above the 21 ema, indicating that this is a reversal, indeed.
The only problem with this is the low volume, but as long as the index stays above its support levels, the situation will remain under control.
Everything is ok for now, and I’ll keep you updated every day on this, so remember to follow me to keep in touch with my daily analyses!
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