• The index is on “bear mode” again, as it is doing lower highs/lows in the 1h/D charts, and it is trading below the 21 ema;
• It did a technical bullish candlestick yesterday, a Hammer, closing above the 3,818 (gap support). This is a sign of strength;
• Despite the bullish reaction, this Hammer wasn’t triggered, and the SPX has to break other key points in order to reverse the bearish sentiment;
• First, there’s the 21 ema in the 1h chart. Second, it has to fill the previous gap at 3,868 (1h chart), making it an Exhaustion Gap. Only if SPX reacts in this specific way I would be convinced that the “bear mode” might end;
• For now, I’ll stick with my original view: Since it is losing the support at 3,818 and it lacks bullish reaction, the next support to aim is the 3,744. So far, there’s no technical reaction that could convince me otherwise;
• I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• It did a technical bullish candlestick yesterday, a Hammer, closing above the 3,818 (gap support). This is a sign of strength;
• Despite the bullish reaction, this Hammer wasn’t triggered, and the SPX has to break other key points in order to reverse the bearish sentiment;
• First, there’s the 21 ema in the 1h chart. Second, it has to fill the previous gap at 3,868 (1h chart), making it an Exhaustion Gap. Only if SPX reacts in this specific way I would be convinced that the “bear mode” might end;
• For now, I’ll stick with my original view: Since it is losing the support at 3,818 and it lacks bullish reaction, the next support to aim is the 3,744. So far, there’s no technical reaction that could convince me otherwise;
• I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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