SPX: Above a Support Level.
• Yesterday, the SPX corrected just to hit our support at 4,100, and now it is stabilizing in this area;
• We have been monitoring the 4,100 for a while, but we clearly stated that this was our support level in my previous analysis (link below this post);
• It is still a risky situation, and if the index loses this support it might trigger a sharper correction to the 21 ema;
• On the other hand, if it does a bullish structure today, this might be just a bullish continuation sign, and the index would resume the bullish bias;
• In this scenario, there’s an open gap at 4,218, which would be our next target;
• This is a critical key point on the index, and it all depends on how it’ll react from here. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• We have been monitoring the 4,100 for a while, but we clearly stated that this was our support level in my previous analysis (link below this post);
• It is still a risky situation, and if the index loses this support it might trigger a sharper correction to the 21 ema;
• On the other hand, if it does a bullish structure today, this might be just a bullish continuation sign, and the index would resume the bullish bias;
• In this scenario, there’s an open gap at 4,218, which would be our next target;
• This is a critical key point on the index, and it all depends on how it’ll react from here. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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