SPX: You must pay attention to these key points!
Hello traders and investors! Let’s see how the SPX is doing today!
In the 1h chart, the trend is clearly bullish, as the index is doing higher highs/lows, and it is respecting its support levels nicely. So far, there is not a single bearish structure that could indicate a possible pullback ahead.
The area at 4,483 is a technical support, along with the 21 ema. Only if the index loses this dual-support level we would see it dropping to lower levels, and this correction would be seen in the daily chart:
In the daily chart, we see that for the first time since January, we are in a bull trend. The index found a support at the 4,167 area, and it broke the purple line along with the 21 ema. Now, any pullbacks will be just opportunities to buy, when and if the Risk/Reward ratio starts to make sense again.
We have many supports to pay attention to in the daily chart. The most important ones are the Fibonacci’s Retracements, especially the 38.2%, because this point is quite close to the 21 ema in the daily chart.
We don’t see any bearish sign on the index right now, however, even if it corrects to one of the supports we mentioned in this analysis, the trend will still be very bullish. I'll keep you guys updated on this, so remember to follow me to not miss any of my daily analyses on indices and stocks.
In the 1h chart, the trend is clearly bullish, as the index is doing higher highs/lows, and it is respecting its support levels nicely. So far, there is not a single bearish structure that could indicate a possible pullback ahead.
The area at 4,483 is a technical support, along with the 21 ema. Only if the index loses this dual-support level we would see it dropping to lower levels, and this correction would be seen in the daily chart:
In the daily chart, we see that for the first time since January, we are in a bull trend. The index found a support at the 4,167 area, and it broke the purple line along with the 21 ema. Now, any pullbacks will be just opportunities to buy, when and if the Risk/Reward ratio starts to make sense again.
We have many supports to pay attention to in the daily chart. The most important ones are the Fibonacci’s Retracements, especially the 38.2%, because this point is quite close to the 21 ema in the daily chart.
We don’t see any bearish sign on the index right now, however, even if it corrects to one of the supports we mentioned in this analysis, the trend will still be very bullish. I'll keep you guys updated on this, so remember to follow me to not miss any of my daily analyses on indices and stocks.
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