SPX: This is the pivot point that must be triggered!
Hello traders and investors! The SPX is dropping today, but how this affects the mid/long-term view about it? Let’s see.
First, in the 1h chart, we see that the index just dropped to retest its 21 ema, and now it is reacting again. The SPX is doing several erratic movements, but one thing is certain: The 4183 is a pivot point, and if triggered, this could lead to a new bullish movement.
We have no clear higher highs/lows, but this pivot point would be the beginning. Now, let’s see the daily chart:
The index is trading above the 21 ema, which is a good sign, but if it fails to trigger the 4183 in the 1h chart it could correct to the purple trendline.
The mid/long-term trend is still clearly bullish, so, pullbacks aren’t scary, but we must be aware of these points, as they will guide us next.
If you liked this analysis, remember to follow me to keep in touch with our studies, and please, support this idea if it helped!
Thank you very much!
First, in the 1h chart, we see that the index just dropped to retest its 21 ema, and now it is reacting again. The SPX is doing several erratic movements, but one thing is certain: The 4183 is a pivot point, and if triggered, this could lead to a new bullish movement.
We have no clear higher highs/lows, but this pivot point would be the beginning. Now, let’s see the daily chart:
The index is trading above the 21 ema, which is a good sign, but if it fails to trigger the 4183 in the 1h chart it could correct to the purple trendline.
The mid/long-term trend is still clearly bullish, so, pullbacks aren’t scary, but we must be aware of these points, as they will guide us next.
If you liked this analysis, remember to follow me to keep in touch with our studies, and please, support this idea if it helped!
Thank you very much!
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