SPX: Should we be worried about it?
Hello traders and investors! Let’s see how the SPX is doing today, and I’ll update the next key points we must keep an eye on from now.
As we can see, the 1h chart is pretty messed up. We did a new record high two days ago, and then the index crashed, did a Breakaway Gap and it lost the support at $ 4,437. Now we are retesting the 21 ema as a resistance, and the moment is very delicate.
If the 21 ema holds the price, and it loses the previous bottom, we’ll do a sharper pullback in the daily chart.
However, let’s remember that the trend is very bullish, and despite the volatility, yesterday we just dropped to hit the 21 ema (with astonishing precision, btw), something we had to do, since the last retest of it one month ago.
Yesterday’s movement was natural, and not an indicator of a new crash or anything like that. If you aim for the mid-term, just keep an eye on the 4,430 and the 21 ema in the daily chart, as if the SPX loses these points, the purple trendline is the new target. As long as we don't see a bearish structure around, there's nothing to be worried.
For now, let’s watch how it’ll behave in the 1h chart, as we just hit the 21 ema there. If you are still here and not a follower, I invite you to follow me to keep in touch with my daily updates.
Have a good day.
As we can see, the 1h chart is pretty messed up. We did a new record high two days ago, and then the index crashed, did a Breakaway Gap and it lost the support at $ 4,437. Now we are retesting the 21 ema as a resistance, and the moment is very delicate.
If the 21 ema holds the price, and it loses the previous bottom, we’ll do a sharper pullback in the daily chart.
However, let’s remember that the trend is very bullish, and despite the volatility, yesterday we just dropped to hit the 21 ema (with astonishing precision, btw), something we had to do, since the last retest of it one month ago.
Yesterday’s movement was natural, and not an indicator of a new crash or anything like that. If you aim for the mid-term, just keep an eye on the 4,430 and the 21 ema in the daily chart, as if the SPX loses these points, the purple trendline is the new target. As long as we don't see a bearish structure around, there's nothing to be worried.
For now, let’s watch how it’ll behave in the 1h chart, as we just hit the 21 ema there. If you are still here and not a follower, I invite you to follow me to keep in touch with my daily updates.
Have a good day.
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