Hello traders and investors! Let’s see how SPX is doing today!
We broke the previous resistance at 4,388, however, today’s first candlestick is not one of the best. It seems we have a small top sign, and the index must react very quickly in order to avoid another correction. This weakness was expected by us, and I’ll explain why when we study the daily chart.
If it drops, we have the 21 ema as our first support, and the 38.2% retracement. If the index loses the 38.2% it might correct more, probably to the 61.8% retracement.
In the daily chart, we see why the index is struggling right now: It just hit its 21 ema. We’ve been expecting this movement since the markets crashed, thanks to the war, when almost no one believed in any bullish reaction. This is why we use TA, to help us to understand the market beyond our natural emotions.
So far, the index is struggling at the 21 ema in the daily chart, but the way it closes today might give us a clue about what’s next for us. If it does a bearish candlestick pattern, closing under the 21 ema, this would be a warning sign.
Now the SPX is in one of its moments when it must give us a clear reaction. Is the last bullish leg the beginning of a reversal or just another Dead Cat Bounce? We’ll have our answers soon.
I’ll keep you guys updated, so remember to follow me to keep in touch with my daily analyses.
We broke the previous resistance at 4,388, however, today’s first candlestick is not one of the best. It seems we have a small top sign, and the index must react very quickly in order to avoid another correction. This weakness was expected by us, and I’ll explain why when we study the daily chart.
If it drops, we have the 21 ema as our first support, and the 38.2% retracement. If the index loses the 38.2% it might correct more, probably to the 61.8% retracement.
In the daily chart, we see why the index is struggling right now: It just hit its 21 ema. We’ve been expecting this movement since the markets crashed, thanks to the war, when almost no one believed in any bullish reaction. This is why we use TA, to help us to understand the market beyond our natural emotions.
So far, the index is struggling at the 21 ema in the daily chart, but the way it closes today might give us a clue about what’s next for us. If it does a bearish candlestick pattern, closing under the 21 ema, this would be a warning sign.
Now the SPX is in one of its moments when it must give us a clear reaction. Is the last bullish leg the beginning of a reversal or just another Dead Cat Bounce? We’ll have our answers soon.
I’ll keep you guys updated, so remember to follow me to keep in touch with my daily analyses.
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
