SPX: New record high! No pullback sign ahead (yet)!
Hello traders and investors! Let’s see how the index is performing today!
We have a crystal-clear bull trend, with higher tops/bottoms, and now, the support level we must watch carefully is the green line at 3931, as it was the previous top/ATH.
Also, the 21 ema is there, and it could work as a support too, and the only scenario where we would see a pullback would be if the index loses these 2 support levels. As we have been saying in my previous analyses, if the index loses the pervious support would trigger a pullback, not a reversal sign.
A pullback to the 3870 is acceptable, but the index could drop even lower, according to the daily chart:
The black line at 3870 is quite close to the 21 ema in the daily chart, so, this is an interesting support level to aim, but it could even hit the purple trendline again, and this wouldn’t ruin the bull trend at all – in fact, it could offer another opportunity to buy, just like it did every time it hit there.
The low volume is something we should be aware, as this makes the index more vulnerable to sharp drops.
Let’s wait for more confirmation signs in the index before jumping to any conclusion, now is the time to trade carefully. And remember to follow me to keep in touch with my daily updates, and if you liked this idea, please, support it! You'll find more analyses in the links below.
Thank you very much!
We have a crystal-clear bull trend, with higher tops/bottoms, and now, the support level we must watch carefully is the green line at 3931, as it was the previous top/ATH.
Also, the 21 ema is there, and it could work as a support too, and the only scenario where we would see a pullback would be if the index loses these 2 support levels. As we have been saying in my previous analyses, if the index loses the pervious support would trigger a pullback, not a reversal sign.
A pullback to the 3870 is acceptable, but the index could drop even lower, according to the daily chart:
The black line at 3870 is quite close to the 21 ema in the daily chart, so, this is an interesting support level to aim, but it could even hit the purple trendline again, and this wouldn’t ruin the bull trend at all – in fact, it could offer another opportunity to buy, just like it did every time it hit there.
The low volume is something we should be aware, as this makes the index more vulnerable to sharp drops.
Let’s wait for more confirmation signs in the index before jumping to any conclusion, now is the time to trade carefully. And remember to follow me to keep in touch with my daily updates, and if you liked this idea, please, support it! You'll find more analyses in the links below.
Thank you very much!
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