SPX: Above an Inflection Point.
• The SPX is trying to do a bullish reaction today, just above the key support level at 4,100;
• This reinforces our view that 4,100 is the most important support level for the index, and only if it loses, we would see a sharper correction;
• For now, the index maintains its bullish bias, and there’s no technical evidence pointing to a reversal;
• In theory, it’ll seek the 4,218 next, to fill the last gap;
• What’s more, if it breaks yesterday’s high, it’ll completely reject the bearish candlestick, confirming the bullish bias;
• I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• This reinforces our view that 4,100 is the most important support level for the index, and only if it loses, we would see a sharper correction;
• For now, the index maintains its bullish bias, and there’s no technical evidence pointing to a reversal;
• In theory, it’ll seek the 4,218 next, to fill the last gap;
• What’s more, if it breaks yesterday’s high, it’ll completely reject the bearish candlestick, confirming the bullish bias;
• I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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