SPX: Should we worry about it?
Hello traders and investors! It has been a while, but I’m back to analyze the SPX today!
In the 1h chart, we see something interesting. The index is doing a Double Bottom chart pattern, and the support is the 4,508 area. The pattern wasn’t confirmed yet, but it might me if the index defeats the resistance at 4,607.
We are above the 21 ema again, and it is pointing up too. This might be a very good reversal pattern for the next few days, if triggered. What’s more, if the SPX is about to do a bullish reaction, now is the best time for that, as we see in the daily chart below:
The SPX hit the 50% Fibonacci’s Retracement 3 times last week, and this point seems to be a good support level for us. However, we must wait for the index to break the 4,607 as we mentioned. What’s more, the 21 ema is at 4,613 the moment I’m writing this, and it is another resistance, at least for the short-term.
Yes, we do have some reasons to be skeptical, but we see some bullish structures appearing on the charts, and if they are going to be triggered soon, it’ll be amazing for the SPX.
Meanwhile, remember to follow me to keep in touch with my updates and thoughts on the market.
Have a good day.
In the 1h chart, we see something interesting. The index is doing a Double Bottom chart pattern, and the support is the 4,508 area. The pattern wasn’t confirmed yet, but it might me if the index defeats the resistance at 4,607.
We are above the 21 ema again, and it is pointing up too. This might be a very good reversal pattern for the next few days, if triggered. What’s more, if the SPX is about to do a bullish reaction, now is the best time for that, as we see in the daily chart below:
The SPX hit the 50% Fibonacci’s Retracement 3 times last week, and this point seems to be a good support level for us. However, we must wait for the index to break the 4,607 as we mentioned. What’s more, the 21 ema is at 4,613 the moment I’m writing this, and it is another resistance, at least for the short-term.
Yes, we do have some reasons to be skeptical, but we see some bullish structures appearing on the charts, and if they are going to be triggered soon, it’ll be amazing for the SPX.
Meanwhile, remember to follow me to keep in touch with my updates and thoughts on the market.
Have a good day.
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