SPX: I told you to BUY amid PANIC.
Hello traders and investors! The SPX is going up more than 2% today, which is not surprising at all to us, as we already identified yesterday that it was the moment to buy.
But what about those who missed the opportunity? Many investors freeze in days like yesterday, and don’t have the guts to act. Is it now too late to buy? We’ll see.
First, in the 1h chart, we identified the Exhaustion Gap and the pivot point the index did. Now, we are trading above the 21 ema, and it seems nothing can stop the SPX. In my view, yes, it is too late to buy, and a pullback to the 21 ema would be a healthy and normal movement. Only after a pullback, I would see another opportunity to buy again.
Remember: Buy near supports, sell near resistances.
The target for this bullish movement is the Breakaway Gap, at 4,472, and only if we see a clear bearish structure the bullish bias will be ruined. So far, not a clear bearish structure.
In the daily chart we see a Piercing Line candlestick pattern yesterday, which was triggered today, reinforcing the bullish momentum, however, the 21 ema is the next resistance.
In my view, we must pay attention to top signs in the 1h chart for now, and when it gets closer to the 21 ema in the daily chart. Then we’ll see how to proceed. Any top sign in the 1h chart might be an excuse to book profits, but pullbacks are desirable, as long as they don’t ruin the bullish configuration.
I still see plenty of opportunities around, as I mentioned yesterday, and although it is too late to buy SPX now, many stocks are looking incredible. Regardless of the scenario we are in, it is always possible to make money. If you missed my previous analysis, the link to it is below as usual.
I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my studies.
But what about those who missed the opportunity? Many investors freeze in days like yesterday, and don’t have the guts to act. Is it now too late to buy? We’ll see.
First, in the 1h chart, we identified the Exhaustion Gap and the pivot point the index did. Now, we are trading above the 21 ema, and it seems nothing can stop the SPX. In my view, yes, it is too late to buy, and a pullback to the 21 ema would be a healthy and normal movement. Only after a pullback, I would see another opportunity to buy again.
Remember: Buy near supports, sell near resistances.
The target for this bullish movement is the Breakaway Gap, at 4,472, and only if we see a clear bearish structure the bullish bias will be ruined. So far, not a clear bearish structure.
In the daily chart we see a Piercing Line candlestick pattern yesterday, which was triggered today, reinforcing the bullish momentum, however, the 21 ema is the next resistance.
In my view, we must pay attention to top signs in the 1h chart for now, and when it gets closer to the 21 ema in the daily chart. Then we’ll see how to proceed. Any top sign in the 1h chart might be an excuse to book profits, but pullbacks are desirable, as long as they don’t ruin the bullish configuration.
I still see plenty of opportunities around, as I mentioned yesterday, and although it is too late to buy SPX now, many stocks are looking incredible. Regardless of the scenario we are in, it is always possible to make money. If you missed my previous analysis, the link to it is below as usual.
I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my studies.
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