SPX: Is it REVERSING the BULL TREND? Let’s see.
• The index lost the 21 ema in the daily chart, which was our last target since it triggered our Spinning Top candlestick pattern last week (link to my previous public analysis is below this post);
• So far, there’s bullish reaction on the SPX indicating that the sell-off is over, therefore, it could drop to lower levels;
• If it loses the 3,911 area (previous support/resistance level multiple times in the past) then the next target would be the gap near 3,800 (yellow square);
• Is there anything the SPX must do in order to avoid such drop? Yes, it must do a clear bullish pattern/structure, preferably above 3,911. This might save the bullish bias that started on October 13 – otherwise, it would just reverse the sentiment;
• Tomorrow we’ll have our answer. Either way, I’ll keep you posted on this.
Remember to follow me to keep in touch with my daily analyses!
• So far, there’s bullish reaction on the SPX indicating that the sell-off is over, therefore, it could drop to lower levels;
• If it loses the 3,911 area (previous support/resistance level multiple times in the past) then the next target would be the gap near 3,800 (yellow square);
• Is there anything the SPX must do in order to avoid such drop? Yes, it must do a clear bullish pattern/structure, preferably above 3,911. This might save the bullish bias that started on October 13 – otherwise, it would just reverse the sentiment;
• Tomorrow we’ll have our answer. Either way, I’ll keep you posted 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.