SPX: Could it correct today? Watch this support area closely!
Hello traders and investors! Let’s see how the SPX is doing today!
In the 1h chart, the movement was very technical, as it is doing a pullback to the previous support area, and it seems it wants to react now. This support area is made of two relevant supports: The 21 ema; and the Gap at 4,461.
Now, if the index confirms a bullish pattern at this support area, it could easily go up to fill the previous gap at 4,505. However, we must not lose the support area, otherwise the market could see this as a top pattern in the daily chart.
If the index finds a top around here, it could easily do a pullback to the 21 ema in the daily chart, which is quite close to the 38.2% retracement as well. By doing so, the bull trend won’t be ruined at all, and we still could see a good reaction.
So far, there’s no bearish structure telling us it could reverse, but it is important to keep our eyes open at the support area mentioned in this analysis. Since the index broke its purple line it reversed the mid-term trend, and now the bias is bullish.
I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my daily analyses on SPX and other stocks!
In the 1h chart, the movement was very technical, as it is doing a pullback to the previous support area, and it seems it wants to react now. This support area is made of two relevant supports: The 21 ema; and the Gap at 4,461.
Now, if the index confirms a bullish pattern at this support area, it could easily go up to fill the previous gap at 4,505. However, we must not lose the support area, otherwise the market could see this as a top pattern in the daily chart.
If the index finds a top around here, it could easily do a pullback to the 21 ema in the daily chart, which is quite close to the 38.2% retracement as well. By doing so, the bull trend won’t be ruined at all, and we still could see a good reaction.
So far, there’s no bearish structure telling us it could reverse, but it is important to keep our eyes open at the support area mentioned in this analysis. Since the index broke its purple line it reversed the mid-term trend, and now the bias is bullish.
I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my daily analyses on SPX and other stocks!
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