Hello traders and investors! The SPX is moving accordingly to the plan, but we have some new key points to work with.
It did a lower top, and it must break the purple trend line as soon as possible, in order to become truly bullish again, and to fill its previous gaps. We have two open gaps, and the one at 4652 is the target of this bullish structure.
Yes, the support at 4453 (blue line), is still our main key point, as if the index loses this line, it’ll cancel the bullish bias seen in the 1h chart. I’m not saying it would work as a bearish reversal, but it would weaken the bull trend for sure. What’s more, the 4453 coincides with the 38.2% retracement in the daily chart:
This point is truly important, and if the SPX is seeking higher levels, we must not lose this price level. Otherwise, we could drop all the way down to 4370 again (61.8% retracement).
For the short-term, let’s focus on the purple line in the 1h chart. If we break it, we’ll have decent chances of filling our gaps. I’ll keep you guys update on a daily basis.
Remember to follow me to not miss any of my future analysis!
It did a lower top, and it must break the purple trend line as soon as possible, in order to become truly bullish again, and to fill its previous gaps. We have two open gaps, and the one at 4652 is the target of this bullish structure.
Yes, the support at 4453 (blue line), is still our main key point, as if the index loses this line, it’ll cancel the bullish bias seen in the 1h chart. I’m not saying it would work as a bearish reversal, but it would weaken the bull trend for sure. What’s more, the 4453 coincides with the 38.2% retracement in the daily chart:
This point is truly important, and if the SPX is seeking higher levels, we must not lose this price level. Otherwise, we could drop all the way down to 4370 again (61.8% retracement).
For the short-term, let’s focus on the purple line in the 1h chart. If we break it, we’ll have decent chances of filling our gaps. I’ll keep you guys update on a daily basis.
Remember to follow me to not miss any of my future analysis!
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