SPX: Must-know support/resistance levels for the short/mid-term!
• The index is losing strength this morning, and if it loses the purple trend line in the 1h chart, this might be a sign that it wants to seek the next support level again, around 3,906;
• In order to avoid a sharper correction, SPX must react and break the 3,980 as soon as possible – however, there’s no bullish evidence to sustain this idea for now;
• The 3,906 is the key support, and if SPX loses it, the correction would persist and it could fill the last gap around 3,800 (yellow square below the price, daily chart);
• It all depends on how it’ll react in the next few hours and on how it’ll close the candlestick in the daily chart. I’ll keep you guys posted every day on this. The link to my previous analysis is below this post.
Remember to follow me to keep in touch with my analyses!
• In order to avoid a sharper correction, SPX must react and break the 3,980 as soon as possible – however, there’s no bullish evidence to sustain this idea for now;
• The 3,906 is the key support, and if SPX loses it, the correction would persist and it could fill the last gap around 3,800 (yellow square below the price, daily chart);
• It all depends on how it’ll react in the next few hours and on how it’ll close the candlestick in the daily chart. I’ll keep you guys posted every day on this. The link to my previous analysis is below this post.
Remember to follow me to keep in touch with my analyses!
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