SPX: Dropping sharply! What could REVERSE the trend?
Hello traders and investors! Let’s see how the SPX is doing today!
In the 1h chart, the index is losing the 61.8% Fibonacci’s Retracement, as we mentioned last Friday (link to my previous analysis is below this post, as usual), and now it seems nothing can hold it.
It seems we have two important support levels in the daily chart. First one, the 4,278 area, and in the worst-case scenario, the 4,222 (Jan’s bottom). So far, we don’t see any meaningful reaction that could convince us that it would react, but maybe we can find some key points in the 1h chart:
The next support in the 1h chart is the 4,292, and if the SPX is about to react this week, this point would be a good key point to watch for now, as any bullish structure around could reverse the bearish bias. This is particularly true right now, because the index has been dropping with low volume, making it more sensitive to reversals.
What if we see a bullish reaction near this support level? Then the Breakaway Gap at 4,472 would be a target. But remember: So far, there’s not a single bullish reaction, and nothing that confirms this thesis, but it is important to keep our eyes open near the key points mentioned in this analysis.
I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my daily analyses.
In the 1h chart, the index is losing the 61.8% Fibonacci’s Retracement, as we mentioned last Friday (link to my previous analysis is below this post, as usual), and now it seems nothing can hold it.
It seems we have two important support levels in the daily chart. First one, the 4,278 area, and in the worst-case scenario, the 4,222 (Jan’s bottom). So far, we don’t see any meaningful reaction that could convince us that it would react, but maybe we can find some key points in the 1h chart:
The next support in the 1h chart is the 4,292, and if the SPX is about to react this week, this point would be a good key point to watch for now, as any bullish structure around could reverse the bearish bias. This is particularly true right now, because the index has been dropping with low volume, making it more sensitive to reversals.
What if we see a bullish reaction near this support level? Then the Breakaway Gap at 4,472 would be a target. But remember: So far, there’s not a single bullish reaction, and nothing that confirms this thesis, but it is important to keep our eyes open near the key points mentioned in this analysis.
I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my daily analyses.
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