SPX: Is it about to reverse the trend? Key points to watch!
Hello traders and investors! Let’s see how the SPX is doing today!
First, in the 1h chart, we see that the 4,500 is a very strong resistance, as we thought. Yesterday, we closed exactly at 4,500, and today, we are trying to break it again.
The SPX is in a short-term bear trend, and there’s no bullish reversal sign on it yet. However, if it stays above the 4,500 today, we might see a bullish pivot triggered above the 21 ema, and that’s a good thing. This is what the SPX needs in order to reverse the trend, and in this scenario, the 4,593 would be the next resistance.
What’s more, the last gap was filled (blue square), giving us the idea that this was an Exhaustion Gap. This alone is not a bullish sign either, but it tells us that if the index is about to reverse, now would be a good time, as the sellers are losing strength. If it doesn’t react, probably the next support at 4,456 will be retested again.
Unlike in the 1h chart, we see a clear bull trend in the daily chart, as the index is doing higher highs/lows and the 38.2% Fibonacci’s Retracement is holding the price nicely. What’s more, the 21 ema is also working as a support, and we are above it today again.
Now that we are near this support area, the volume is increasing again, and it seems it wants to resume the mid-term bull trend.
This movement was extremely technical, and there’s nothing surprising going on here. To me, the index is bullish, but we must not lose the 38.2% retracement, as when this happens, it usually drops all the way down to the 61.8% retracement.
I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
First, in the 1h chart, we see that the 4,500 is a very strong resistance, as we thought. Yesterday, we closed exactly at 4,500, and today, we are trying to break it again.
The SPX is in a short-term bear trend, and there’s no bullish reversal sign on it yet. However, if it stays above the 4,500 today, we might see a bullish pivot triggered above the 21 ema, and that’s a good thing. This is what the SPX needs in order to reverse the trend, and in this scenario, the 4,593 would be the next resistance.
What’s more, the last gap was filled (blue square), giving us the idea that this was an Exhaustion Gap. This alone is not a bullish sign either, but it tells us that if the index is about to reverse, now would be a good time, as the sellers are losing strength. If it doesn’t react, probably the next support at 4,456 will be retested again.
Unlike in the 1h chart, we see a clear bull trend in the daily chart, as the index is doing higher highs/lows and the 38.2% Fibonacci’s Retracement is holding the price nicely. What’s more, the 21 ema is also working as a support, and we are above it today again.
Now that we are near this support area, the volume is increasing again, and it seems it wants to resume the mid-term bull trend.
This movement was extremely technical, and there’s nothing surprising going on here. To me, the index is bullish, but we must not lose the 38.2% retracement, as when this happens, it usually drops all the way down to the 61.8% retracement.
I’ll keep you guys updated on this, 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.