SPX: A bearish sign ahead? Here some Key Points to watch!

٤ يناير ٢٠٢١

Hello traders and investors! Let’s see how the SPX is doing today!

First, it lost the 3726, which was a Key Point for the index in the short-term, and it melted. Now the SPX is trying to react near a support level (purple line at 3675).

We have a good Piercing Line pattern, which makes me believe it’ll retest the 21 ema soon, but if it loses the purple line again, the next stop will be the 3646 again.

Let’s see how the daily chart is doing:



Today’s candlestick is quite bearish, but the 21 ema is here holding the price. The volume doesn’t tell much, but if SPX closes this way with a high volume, then the mid-term bull trend will start to get in danger.

I see the 3646 as the most important support for the mid-term, and as long the index keeps above this level, there’s nothing else to do. Let’s see if the reaction in the hourly chart will be enough to hold the price from a sharper drop.

Remember to follow me to keep updated about the SPX and other stocks I analyze. And please, support this idea if it helped you.

Thank you very much, let’s have a great 2021!