Hello traders and investors! Let’s see how SPX is doing today! Let's do a complete multi time frame analysis (MTFA) as usual, by looking at the hourly, daily and weekly charts!
The hourly chart is showing some signs of weakness, and it seems it is doing a H&S chart pattern. I see the black line as the most important point right now, as it was the previous top, and today it worked as a support for the index. Also, if lost, it would trigger the H&S pattern, as it is also its neckline.
If this happens, it would be easy for SPX to fill the gap at the red line, but let’s see the daily chart for more clues:
The black line can be seen from here as well, and if the price finds a good support there, the blue line at 3425 would be the next target. On the other hand, if the price loses its support, nothing could hold the price until it drops to the next support at the blue line (3200).
The index is still in a bearish momentum, as we don’t see higher highs/lows on the chart, and so far, there’s no clear sign that this situation will reverse.
Now, let’s see the weekly chart:
It seems the price just found a resistance at the yellow line, which is the All Time High before Covid-19. It seems it still is an important psychological point for the index, and it left an annoying shadow above this week’s candlestick.
As long SPX keeps trading between the yellow and purple line/21 ema, the trend will be suspended.
If you like this idea, please, support it! And follow me to keep in touch with my daily analyses!
Have a great weekend!
The hourly chart is showing some signs of weakness, and it seems it is doing a H&S chart pattern. I see the black line as the most important point right now, as it was the previous top, and today it worked as a support for the index. Also, if lost, it would trigger the H&S pattern, as it is also its neckline.
If this happens, it would be easy for SPX to fill the gap at the red line, but let’s see the daily chart for more clues:
The black line can be seen from here as well, and if the price finds a good support there, the blue line at 3425 would be the next target. On the other hand, if the price loses its support, nothing could hold the price until it drops to the next support at the blue line (3200).
The index is still in a bearish momentum, as we don’t see higher highs/lows on the chart, and so far, there’s no clear sign that this situation will reverse.
Now, let’s see the weekly chart:
It seems the price just found a resistance at the yellow line, which is the All Time High before Covid-19. It seems it still is an important psychological point for the index, and it left an annoying shadow above this week’s candlestick.
As long SPX keeps trading between the yellow and purple line/21 ema, the trend will be suspended.
If you like this idea, please, support it! And follow me to keep in touch with my daily analyses!
Have a great weekend!
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
