SPX: Two possible scenarios to work with!
Hello traders and investors! Let’s see how the SPX is doing today!
The 1h chart has a strong support level around the two black lines and the 21 ema, but it has a purple trendline as a resistance for the price. Therefore, we can say that the index is being squeezed inside a trap zone, and it could break to any direction.
If it breaks downwards, it might seek the 4,151 again, and the gap would help the fall. But it it defeats the purple trendline, then the ATH is the technical target for us.
In the daily chart, we have some good movements here, but the volume must increase again to confirm the bullish thesis. We are close to the ATH, and if it does the right patterns, it can retest it or even defeat and do a new record.
For now, let’s see if the support levels are going to work in the 1h chart, and if it’ll defeat the trendline. If you liked this idea, remember to support it, and follow me to keep in touch with my daily updates!
Thank you very much.
The 1h chart has a strong support level around the two black lines and the 21 ema, but it has a purple trendline as a resistance for the price. Therefore, we can say that the index is being squeezed inside a trap zone, and it could break to any direction.
If it breaks downwards, it might seek the 4,151 again, and the gap would help the fall. But it it defeats the purple trendline, then the ATH is the technical target for us.
In the daily chart, we have some good movements here, but the volume must increase again to confirm the bullish thesis. We are close to the ATH, and if it does the right patterns, it can retest it or even defeat and do a new record.
For now, let’s see if the support levels are going to work in the 1h chart, and if it’ll defeat the trendline. If you liked this idea, remember to support it, and follow me to keep in touch with my daily updates!
Thank you very much.
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