SPX: Will it keep going up? Let's see.
Hello traders and investors! Let’s see how the SPX is doing today!
First, in the 1h chart, we see higher highs/low, so it is a short-term bull trend. Yesterday, the 21 ema and the 4,456 did a great job supporting the price, and today we are just trying to resume the trend. This movement is normal, and it was expected, so no surprises here.
To me, the 4,456 is the most important support level, and only if we lose this point the index will frustrate the bullish bias. As long as we remain above this point, it is a safe bull trend, and pullbacks to the 21 ema are acceptable, or even opportunities to buy. Remember, avoid buying near resistances, and always aim for the support levels.
The technical target is 4,521, and today we almost hit it.
In the daily chart, we are finally breaking the 21 ema, and leaving the 38.2% retracement behind. This is a good sign, and considering the index is bouncing back up after a retest of the 50% retracement / 4,400 area, we can assume it is becoming bullish in the mid-term too. We had a correction yesterday, but as I said in our last analysis "it is normal to see corrections that could last for one day or two", so no surprises here. The link to my previous analysis is below this post.
This indicates that it could break the 4,600. I’ll keep you guys updated every day on this, so, remember to follow me to not miss any of my future analyses!
First, in the 1h chart, we see higher highs/low, so it is a short-term bull trend. Yesterday, the 21 ema and the 4,456 did a great job supporting the price, and today we are just trying to resume the trend. This movement is normal, and it was expected, so no surprises here.
To me, the 4,456 is the most important support level, and only if we lose this point the index will frustrate the bullish bias. As long as we remain above this point, it is a safe bull trend, and pullbacks to the 21 ema are acceptable, or even opportunities to buy. Remember, avoid buying near resistances, and always aim for the support levels.
The technical target is 4,521, and today we almost hit it.
In the daily chart, we are finally breaking the 21 ema, and leaving the 38.2% retracement behind. This is a good sign, and considering the index is bouncing back up after a retest of the 50% retracement / 4,400 area, we can assume it is becoming bullish in the mid-term too. We had a correction yesterday, but as I said in our last analysis "it is normal to see corrections that could last for one day or two", so no surprises here. The link to my previous analysis is below this post.
This indicates that it could break the 4,600. I’ll keep you guys updated every day on this, so, remember to follow me to not miss any of my future analyses!
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