SPX: Just hit a strong resistance! Now what?
Hello traders and investors! The SPX is going up nicely today, and this movement is very technical.
In the 1h chart, it found its support at 4,161 (red line) again, and it did a strong bullish reaction there. We see a bullish pivot point, which bottom was just above the 21 ema, indicating a nice short-term reversal.
Now the index is facing its first challenge: We just hit the first resistance at 4,346, the gap area. From here, it could easily drop to the 4,300 (black line, previous top), or even to the 21 ema again, and then, if it reacts well again, it could give us another buy sign.
Another problem is that the trend is still bearish in the daily chart. We are dangerously close to the 21 ema, and we have yet to break this purple trend line.
The volume has been under the average in the past few days, and it needs to increase in order to do a proper breakout.
We see some interesting signs on the index, but we must keep our eyes open at these resistance levels. By breaking these resistances, I see it at 4,472 next.
Either way, I’ll keep you guys updated. Remember to follow me to not miss any of my future analyses.
In the 1h chart, it found its support at 4,161 (red line) again, and it did a strong bullish reaction there. We see a bullish pivot point, which bottom was just above the 21 ema, indicating a nice short-term reversal.
Now the index is facing its first challenge: We just hit the first resistance at 4,346, the gap area. From here, it could easily drop to the 4,300 (black line, previous top), or even to the 21 ema again, and then, if it reacts well again, it could give us another buy sign.
Another problem is that the trend is still bearish in the daily chart. We are dangerously close to the 21 ema, and we have yet to break this purple trend line.
The volume has been under the average in the past few days, and it needs to increase in order to do a proper breakout.
We see some interesting signs on the index, but we must keep our eyes open at these resistance levels. By breaking these resistances, I see it at 4,472 next.
Either way, I’ll keep you guys updated. Remember to follow me to not miss any of my future analyses.
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