SPX: Amazing BULL TREND! Will it correct from here?
Hello traders and investors! Let’s see how SPX is doing today, and do a complete multiple time frame analysis (MTFA) on it!
First, in the 1h chart, we see a clear bull trend, as the index is doing higher highs/lows. We broke the past resistance at 4,416, and now we are heading to fill the gap at 4,472.
We don’t see any top signs at this moment, and not a single bearish structure that could indicate a reversal. Since we are in a bull trend, pullbacks to the 21 ema would be just opportunities to buy.
In the daily chart, we see something new. For the first time since January’s top, the ATH, we are breaking the purple line. What’s more, it triggered a Double Bottom chart pattern by breaking the 4,300 line.
The index is looking great in the daily chart, but to me, it deserves a correction back to its 21 ema again, in order to confirm a true reversal.
Usually, after impressive movements, we see some correction, and the weekly chart can tell us more about it.
We see a clear bullish engulfing candlestick pattern, a reversal pattern. Since we have the 21 ema above the price, this point could work as a resistance for some time. This could reinforce the idea that the index deserves to correct a little next week.
However, we can’t count on this right now, as there is no technical reason to believe it’ll correct from here. When we see something interesting again, I’ll update you guys. In this case, remember to follow me to not miss any of my future analyses.
First, in the 1h chart, we see a clear bull trend, as the index is doing higher highs/lows. We broke the past resistance at 4,416, and now we are heading to fill the gap at 4,472.
We don’t see any top signs at this moment, and not a single bearish structure that could indicate a reversal. Since we are in a bull trend, pullbacks to the 21 ema would be just opportunities to buy.
In the daily chart, we see something new. For the first time since January’s top, the ATH, we are breaking the purple line. What’s more, it triggered a Double Bottom chart pattern by breaking the 4,300 line.
The index is looking great in the daily chart, but to me, it deserves a correction back to its 21 ema again, in order to confirm a true reversal.
Usually, after impressive movements, we see some correction, and the weekly chart can tell us more about it.
We see a clear bullish engulfing candlestick pattern, a reversal pattern. Since we have the 21 ema above the price, this point could work as a resistance for some time. This could reinforce the idea that the index deserves to correct a little next week.
However, we can’t count on this right now, as there is no technical reason to believe it’ll correct from here. When we see something interesting again, I’ll update you guys. In this case, remember to follow me to not miss any of my future analyses.
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