Hello traders and investors! The SPX dropped sharply after it lost our support at 4,456, so we have a lot to update.
First, as we already discussed in my last analysis, the 4,456 was the key point, and only by losing it, we would see a bearish reversal. I’ll leave the link to my previous analysis below this post. Now the index lost all of its support levels, and there’s nothing indicating it could reverse from here.
We had a good reaction yesterday, but this is not enough, and I don’t see any clear bullish structure in the 1h chart that could convince me that the index will fly again. However, if the index reacts and breaks the 4,299, I’ll consider it a great sign, and it might be the reversal structure it needs (it must not lose the 4,200, though, otherwise, the bear trend will likely persist).
Now, let’s see the daily chart:
Yesterday the index did a classic Hammer candlestick pattern, a good bullish reaction, but to me, this pattern would be much more appealing if it appeared closer to the support at 4,167. Either way, it is a Hammer and the volume was above the average, indicating a possible exhaustion of the bear trend.
The points mentioned in the 1h chart (resistance at 4,299 and support at 4,200) are this Hammer’s high and low. If it loses the 4,200, it’ll just resume the bear trend. However, the 4,299 is yesterday’s high, and if the index breaks this point, it’ll trigger this Hammer pattern, along with a possible bullish structure in the 1h chart (as we already mentioned), and this is the confirmation sign we need.
Let’s keep our eyes open at the 4,299, as this seems to be the most important resistance on the SPX! I’ll keep you guys updated on this, so, remember to follow me to keep in touch with my daily analyses! I couldn’t update you guys last Friday and yesterday, but the link to my previous idea is in the link below.
First, as we already discussed in my last analysis, the 4,456 was the key point, and only by losing it, we would see a bearish reversal. I’ll leave the link to my previous analysis below this post. Now the index lost all of its support levels, and there’s nothing indicating it could reverse from here.
We had a good reaction yesterday, but this is not enough, and I don’t see any clear bullish structure in the 1h chart that could convince me that the index will fly again. However, if the index reacts and breaks the 4,299, I’ll consider it a great sign, and it might be the reversal structure it needs (it must not lose the 4,200, though, otherwise, the bear trend will likely persist).
Now, let’s see the daily chart:
Yesterday the index did a classic Hammer candlestick pattern, a good bullish reaction, but to me, this pattern would be much more appealing if it appeared closer to the support at 4,167. Either way, it is a Hammer and the volume was above the average, indicating a possible exhaustion of the bear trend.
The points mentioned in the 1h chart (resistance at 4,299 and support at 4,200) are this Hammer’s high and low. If it loses the 4,200, it’ll just resume the bear trend. However, the 4,299 is yesterday’s high, and if the index breaks this point, it’ll trigger this Hammer pattern, along with a possible bullish structure in the 1h chart (as we already mentioned), and this is the confirmation sign we need.
Let’s keep our eyes open at the 4,299, as this seems to be the most important resistance on the SPX! I’ll keep you guys updated on this, so, remember to follow me to keep in touch with my daily analyses! I couldn’t update you guys last Friday and yesterday, but the link to my previous idea is in the link below.
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
