SPX: Did our BREAKOUT! What's next?
Hello traders and investors! Let’s see how the SPX is doing today!
First, it broke our key point at 3,810 by doing a gap, making this a Breakaway Gap, a bullish continuation pattern. Now we are just doing what the index was supposed to, and it almost filled the gap at 3,900 today.
In addition, you may say that the SPX broke the neckline of an Inverted Head and Shoulder chart pattern as well. Either way, the bull trend was confirmed in the daily chart once again, and any pullback to the 21 ema or around the 3,800 would be just a pullback. As long as we stay above these support levels, or don’t do any clear bearish structure, the trend will remain bullish for now.
However, there’s one problem with all of this.
In the daily chart, the index is still bearish. We are doing lower highs/lows and it is under the 21 ema, which might work as a resistance for us. It is hard to tell how the SPX will react now that we finally hit the ema, but the key points mentioned in the 1h chart are still valid.
If we lose our support levels again, probably the index will do a top sign in the D chart, and it’ll resume the bear trend, as usual. So far, we don’t see any clear bullish structure on the daily chart.
The situation is quite complex, but if we keep our eyes on the key points, we’ll be fine. I’ll keep you guys updated every day, so remember to follow me to keep in touch.
Have a good weekend!
First, it broke our key point at 3,810 by doing a gap, making this a Breakaway Gap, a bullish continuation pattern. Now we are just doing what the index was supposed to, and it almost filled the gap at 3,900 today.
In addition, you may say that the SPX broke the neckline of an Inverted Head and Shoulder chart pattern as well. Either way, the bull trend was confirmed in the daily chart once again, and any pullback to the 21 ema or around the 3,800 would be just a pullback. As long as we stay above these support levels, or don’t do any clear bearish structure, the trend will remain bullish for now.
However, there’s one problem with all of this.
In the daily chart, the index is still bearish. We are doing lower highs/lows and it is under the 21 ema, which might work as a resistance for us. It is hard to tell how the SPX will react now that we finally hit the ema, but the key points mentioned in the 1h chart are still valid.
If we lose our support levels again, probably the index will do a top sign in the D chart, and it’ll resume the bear trend, as usual. So far, we don’t see any clear bullish structure on the daily chart.
The situation is quite complex, but if we keep our eyes on the key points, we’ll be fine. I’ll keep you guys updated every day, so remember to follow me to keep in touch.
Have a good weekend!
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