SPX: Complete Multi Time Frame Analysis (H, D and W charts).
Hello traders and investors! Let’s see how the SPX is doing this Friday!
First, it seems the bear trend is restless. However, now that the index is at a support level, we have the start of a good reaction. If we defeat the 21 ema again, it’ll be a great sign, and probably we’ll seek the next resistance at 4,386.
We don’t see a bullish structure that could truly reverse, and I recommend to patiently wait for one.
Let’s see the daily chart for more clues:
Since we lost the purple trendline, the index got weaker, but somehow, it is already trying to react. Honestly, I was expecting that it would retest the Dual-Support level at the 38.2% Fibonacci’s Retracement and the previous support at the red line around 4,233.
The recent movement weakens the bearish bias, and creates the possibility of another rally to the 21 ema.
But this reaction might not be such a big surprise, as we just retested the 21 ema in the weekly chart, and naturally we’ll find some support over here.
We can assume that the short-term trend is bearish, while the mid-term trend is neutral and the long-term trend is still very bullish.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea before you leave!
Have a good weekend!
First, it seems the bear trend is restless. However, now that the index is at a support level, we have the start of a good reaction. If we defeat the 21 ema again, it’ll be a great sign, and probably we’ll seek the next resistance at 4,386.
We don’t see a bullish structure that could truly reverse, and I recommend to patiently wait for one.
Let’s see the daily chart for more clues:
Since we lost the purple trendline, the index got weaker, but somehow, it is already trying to react. Honestly, I was expecting that it would retest the Dual-Support level at the 38.2% Fibonacci’s Retracement and the previous support at the red line around 4,233.
The recent movement weakens the bearish bias, and creates the possibility of another rally to the 21 ema.
But this reaction might not be such a big surprise, as we just retested the 21 ema in the weekly chart, and naturally we’ll find some support over here.
We can assume that the short-term trend is bearish, while the mid-term trend is neutral and the long-term trend is still very bullish.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea before you leave!
Have a good weekend!
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