SPX: Be AWARE of these KEY POINTS!
• In the 1h chart, the key resistance is the green line at 3,974, as this area was a multiple resistance for the index last week;
• Only if the index breaks its key resistance it could resume the bull trend and seek higher levels again, like the 4,083;
• On the other hand, the main support is the red area seen in the daily chart, and as long as the index stays above this area, it won’t reverse the mid-term bull trend;
• The mid-term trend is bullish because the index is doing higher highs/lows and it is trading above the 21 ema since October;
• The 3,911 seems to be the key support level, as only if the index loses this line it would do a technical reversal sign;
• For now, it seems the index is in a “no man’s land”, and we must wait for a proper reaction. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• Only if the index breaks its key resistance it could resume the bull trend and seek higher levels again, like the 4,083;
• On the other hand, the main support is the red area seen in the daily chart, and as long as the index stays above this area, it won’t reverse the mid-term bull trend;
• The mid-term trend is bullish because the index is doing higher highs/lows and it is trading above the 21 ema since October;
• The 3,911 seems to be the key support level, as only if the index loses this line it would do a technical reversal sign;
• For now, it seems the index is in a “no man’s land”, and we must wait for a proper reaction. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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