SPX: Strong Bullish Reaction.
• The SPX did a bullish reaction, just above our key support level at 4,100, which we’ve been monitoring for a few days;
• This indicates bullish continuation, and despite the correction this morning, the index still looks bullish;
• In the lack of bearish reversal structures, the gap at 4,218 is our next target. So far, there’s no bearish sign on the index;
• Yesterday, it did a Bullish Engulfing pattern, and it is quite normal to see short-term corrections after the bullish candlestick – but it must not drop too much, otherwise, it might frustrate the pattern;
• I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• This indicates bullish continuation, and despite the correction this morning, the index still looks bullish;
• In the lack of bearish reversal structures, the gap at 4,218 is our next target. So far, there’s no bearish sign on the index;
• Yesterday, it did a Bullish Engulfing pattern, and it is quite normal to see short-term corrections after the bullish candlestick – but it must not drop too much, otherwise, it might frustrate the pattern;
• I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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