SPX: Bullish reaction above a support. What to expect next?
• The index is trying to react this morning, and the timing of this reaction is quite good, after all, it is just above our support area, which I mentioned yesterday;
• What’s more, yesterday’s candlestick indicates stabilization, while the 21 ema was working as a resistance;
• Now, the index is just moving according to our previous analysis, and if it closes above the 21 ema again, it might bounce to the 4,083;
• The 4,083 is a key resistance and it was a gap area;
• Only if the index loses the 3,911 I see this bull trend getting weaker. So far, nothing new or surprising is going on. Another update tomorrow.
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• What’s more, yesterday’s candlestick indicates stabilization, while the 21 ema was working as a resistance;
• Now, the index is just moving according to our previous analysis, and if it closes above the 21 ema again, it might bounce to the 4,083;
• The 4,083 is a key resistance and it was a gap area;
• Only if the index loses the 3,911 I see this bull trend getting weaker. So far, nothing new or surprising is going on. Another update tomorrow.
Remember to follow me to keep in touch with my daily analyses!
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