SPX: You must pay attention to these points next week!
Hello traders and investors! Let’s update our thoughts on SPX. The week is over, so we have a few key points to keep in mind for next week
In the daily chart, the index lost the 61.8% retracement, which was the main support level for us. However, if it reacts on Tuesday and closes above this retracement again, this could be a bear trap and a false breakout. The volume has been below the average, so this is a plausible scenario.
So far, we see no bullish reaction though, and if the index doesn’t react Tuesday, it’ll keep dropping to the next support at the 4,278 area.
What’s more, the 4,278 is an important price to work with, as it is a neckline of a possible Head & Shoulders chart pattern in the weekly chart:
If the index triggers this H&S, then we could easily retest the 4k again. This could be the beginning of a long-term bear market, and it wouldn’t be easy for us to recover from it.
Let’s see how it’ll behave next Tuesday, as the retracements in the daily chart are very important support levels for us. I’ll keep you guys updated, so remember to follow me to keep in touch with my daily analyses.
In the daily chart, the index lost the 61.8% retracement, which was the main support level for us. However, if it reacts on Tuesday and closes above this retracement again, this could be a bear trap and a false breakout. The volume has been below the average, so this is a plausible scenario.
So far, we see no bullish reaction though, and if the index doesn’t react Tuesday, it’ll keep dropping to the next support at the 4,278 area.
What’s more, the 4,278 is an important price to work with, as it is a neckline of a possible Head & Shoulders chart pattern in the weekly chart:
If the index triggers this H&S, then we could easily retest the 4k again. This could be the beginning of a long-term bear market, and it wouldn’t be easy for us to recover from it.
Let’s see how it’ll behave next Tuesday, as the retracements in the daily chart are very important support levels for us. I’ll keep you guys updated, so remember to follow me to keep in touch with my daily analyses.
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