SPX Next Support ~4262 (Short-Term)
Updated
The analysis I gave you yesterday for the SPX is more of a bigger picture thing...
Here is the next support short-term.
Bounce or not, crash or not, the SPX is very likely to visit 4262-4288 on the next drop.
SPX Analysis
- We have the 5-6 April gap filled while prices remain trading below EMA10.
- We have a clear and strong bearish cross on the MACD with red histogram.
- The RSI is clearly trending down.
These are bearish signals.
One thing though, EMA50 at 4466 is still working as support.
The bias is bearish because we follow the bigger trend started after January's peak price.
Any bounce (March corrective move) can be use for selling.
Invalidation happens above the last high (4640).
For traders, a candle close above 4527 is enough to stop a trade.
I hope you find this information useful.
Namaste.
Here is the next support short-term.
Bounce or not, crash or not, the SPX is very likely to visit 4262-4288 on the next drop.
SPX Analysis
- We have the 5-6 April gap filled while prices remain trading below EMA10.
- We have a clear and strong bearish cross on the MACD with red histogram.
- The RSI is clearly trending down.
These are bearish signals.
One thing though, EMA50 at 4466 is still working as support.
The bias is bearish because we follow the bigger trend started after January's peak price.
Any bounce (March corrective move) can be use for selling.
Invalidation happens above the last high (4640).
For traders, a candle close above 4527 is enough to stop a trade.
I hope you find this information useful.
Namaste.
Trade closed: target reached
We are hitting our target.It can go lower though, check the new updates.
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