SPX: When will it drop?
Hello traders and investors! The key points we mentioned last week are still working very well on SPX.
Today the index dropped sharply for a brief moment, but only to retest the dual-support area, made by the 21 ema and the red line at 4,429. We hit the dual-support area with astonishing precision, and now the index is bouncing back up again.
Now the SPX is supposed to keep trending, as usual, and only if we lose its support we might see a sharper pullback in the daily chart.
The daily chart reveals nothing surprising, and all we can assume is that the trend will continue bullish. The 1h chart seems clearer to me, but it is always important to use other time-frames to reinforce our thoughts. We have no bearish signal, and there's nothing telling me that the SPX will drop. I can assure you that it'll drop, we just don't know when, but we can use the key points mentioned in this analysis to help us with our strategies.
Again, I would use the 4,429 to guide myself. If the SPX loses this point, probably it’ll seek the 21 ema in the daily chart, or the 4,393.
Since we are in a bull trend, pullbacks are opportunities to buy.
If this post helped you, remember to follow me to keep in touch with my daily studies.
Have a god day.
Today the index dropped sharply for a brief moment, but only to retest the dual-support area, made by the 21 ema and the red line at 4,429. We hit the dual-support area with astonishing precision, and now the index is bouncing back up again.
Now the SPX is supposed to keep trending, as usual, and only if we lose its support we might see a sharper pullback in the daily chart.
The daily chart reveals nothing surprising, and all we can assume is that the trend will continue bullish. The 1h chart seems clearer to me, but it is always important to use other time-frames to reinforce our thoughts. We have no bearish signal, and there's nothing telling me that the SPX will drop. I can assure you that it'll drop, we just don't know when, but we can use the key points mentioned in this analysis to help us with our strategies.
Again, I would use the 4,429 to guide myself. If the SPX loses this point, probably it’ll seek the 21 ema in the daily chart, or the 4,393.
Since we are in a bull trend, pullbacks are opportunities to buy.
If this post helped you, remember to follow me to keep in touch with my daily studies.
Have a god day.
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