SPX: A Bearish Pattern under a Key Resistance. Be careful.⚠️
• Yesterday, the SPX broke the resistance at 3,911 for a brief moment, but by the end of the day, it lost momentum, couldn’t close above it, and it did a Shooting Star candlestick pattern;
• This could be just a pullback to the 21 EMA, but the fact it found a resistance at 3,911 again it is not good for the bulls;
• We warned about this on my previous SPX analysis – link below this post;
• This Shooting Star might frustrate any attempt of a bullish reversal, and would require a very impressive bullish reaction to frustrate this bearish sign. Ideally, it would need to break the Shooting Star's high in order to reject the bearish candlestick;
• The way it closes yesterday will tell us if the index will confirm a bearish continuation to the 3,744, or if it will reverse and seek the 4k area again;
• According to Bulkowski’s studies, a Shooting Star works as a bearish reversal 59% of the time, and when triggered, hits the technical target 84% when we are in a bear market, and see a downwards breakout;
• I’ll keep you updated every day on this.
Remember to follow me to keep in touch with my daily analyses!
• This could be just a pullback to the 21 EMA, but the fact it found a resistance at 3,911 again it is not good for the bulls;
• We warned about this on my previous SPX analysis – link below this post;
• This Shooting Star might frustrate any attempt of a bullish reversal, and would require a very impressive bullish reaction to frustrate this bearish sign. Ideally, it would need to break the Shooting Star's high in order to reject the bearish candlestick;
• The way it closes yesterday will tell us if the index will confirm a bearish continuation to the 3,744, or if it will reverse and seek the 4k area again;
• According to Bulkowski’s studies, a Shooting Star works as a bearish reversal 59% of the time, and when triggered, hits the technical target 84% when we are in a bear market, and see a downwards breakout;
• I’ll keep you updated every day on this.
Remember to follow me to keep in touch with my daily analyses!
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