SPX: Could this be the beginning of a PULLBACK?
Hello traders and investors! Let’s see how the SPX is doing today!
Last Friday, we had a classic Doji candlestick pattern in the daily chart, which wasn’t triggered today, so we have no pullback confirmation yet.
However, we have more key points to work with right now. Besides Friday’s Doji, if we look in the 1h chart, we see a sideways correction to the 21 ema:
The index didn’t fill the last gap around 4,680, indicating a lot of strength, but we have a support at 4,681 (green line).
If the index loses this support tomorrow, it’ll trigger a bearish structure in the 1h chart, a bearish pivot point (a lower high followed by a lower low). This breaks the bias, and brings a correction that will probably be seen in the daily chart.
If this correction would be a price correction or a sideways correction until the 21 ema in the daily chart catches up with the price in the daily chart, we don’t know yet. Remember, none of these signs was triggered yet. Let’s wait for more confirmation.
If you liked this analysis, remember to follow me to keep in touch with my thoughts and insights about the stocks and indices.
Have a good week.
Last Friday, we had a classic Doji candlestick pattern in the daily chart, which wasn’t triggered today, so we have no pullback confirmation yet.
However, we have more key points to work with right now. Besides Friday’s Doji, if we look in the 1h chart, we see a sideways correction to the 21 ema:
The index didn’t fill the last gap around 4,680, indicating a lot of strength, but we have a support at 4,681 (green line).
If the index loses this support tomorrow, it’ll trigger a bearish structure in the 1h chart, a bearish pivot point (a lower high followed by a lower low). This breaks the bias, and brings a correction that will probably be seen in the daily chart.
If this correction would be a price correction or a sideways correction until the 21 ema in the daily chart catches up with the price in the daily chart, we don’t know yet. Remember, none of these signs was triggered yet. Let’s wait for more confirmation.
If you liked this analysis, remember to follow me to keep in touch with my thoughts and insights about the stocks and indices.
Have a good week.
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