• SPX is inside a Descending Channel, as seen in the 1h chart;
• Despite the bearish momentum in the 1h chart, the trend is still bullish in the daily chart, as the SPX is still doing higher highs/lows and it is above the 21 ema;
• However, if it loses the 21 ema, or does a downwards breakout from this channel, then the bullish bias might reverse in the daily chart (mid-term trend);
• On the other hand, the index would have to do a clear upwards breakout from this channel in order to materialize a bullish continuation pattern;
• This bullish scenario would take us to 4,218, our next target, and an open gap from August last year;
• For now, let’s pay attention on how the index will react inside this channel.
Remember to follow me to keep in touch with my daily analyses!
• Despite the bearish momentum in the 1h chart, the trend is still bullish in the daily chart, as the SPX is still doing higher highs/lows and it is above the 21 ema;
• However, if it loses the 21 ema, or does a downwards breakout from this channel, then the bullish bias might reverse in the daily chart (mid-term trend);
• On the other hand, the index would have to do a clear upwards breakout from this channel in order to materialize a bullish continuation pattern;
• This bullish scenario would take us to 4,218, our next target, and an open gap from August last year;
• For now, let’s pay attention on how the index will react inside this channel.
Remember to follow me to keep in touch with my daily analyses!
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