SPX: Bullish Rejection Structure.
• The SPX is doing a bearish reversal structure, as it lost our two main support levels: The 21 ema and the 4,060;
• Last Friday it tried to react, as it did a Dragonfly Doji, just above the 21 ema – However, today’s reaction rejects this bullish attempt completely;
• Now it seems the SPX is seeking the next support, at 4,015;
• Since the index lost the 21 ema, and it did a lower high/low, the mid-term bias is bearish again. Only a very good bullish pattern, followed by a bullish reversal structure would put an end to this bearish sentiment;
• So far, there’s no such sign, but let’s keep our eyes open around the 4,015 area. I’ll keep you updated on this.
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• Last Friday it tried to react, as it did a Dragonfly Doji, just above the 21 ema – However, today’s reaction rejects this bullish attempt completely;
• Now it seems the SPX is seeking the next support, at 4,015;
• Since the index lost the 21 ema, and it did a lower high/low, the mid-term bias is bearish again. Only a very good bullish pattern, followed by a bullish reversal structure would put an end to this bearish sentiment;
• So far, there’s no such sign, but let’s keep our eyes open around the 4,015 area. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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