SPX: Reacting above a SUPPORT LEVEL! What to expect next?
• The SPX is reacting today, but it is not an amazing reaction yet;
• The fact it is holding above our support at 3,818 is interesting, but it has yet to break its key resistances in order to reverse the bearish sentiment;
• As mentioned in our previous post (link below this analysis), the 3,911 is the main resistance, which is close to the 21 ema in the daily chart as well, making this a dual-resistance area;
• If SPX breaks this resistance, the next technical resistance is only at 4,083;
• On the other hand, let’s pay extra attention to our 3,818 support level, as if the index loses this area, the next stop is the 3,744;
• Let’s wait for more clues. Probably we’ll see more definition this week.
Remember to follow me to keep in touch with my daily analyses!
• The fact it is holding above our support at 3,818 is interesting, but it has yet to break its key resistances in order to reverse the bearish sentiment;
• As mentioned in our previous post (link below this analysis), the 3,911 is the main resistance, which is close to the 21 ema in the daily chart as well, making this a dual-resistance area;
• If SPX breaks this resistance, the next technical resistance is only at 4,083;
• On the other hand, let’s pay extra attention to our 3,818 support level, as if the index loses this area, the next stop is the 3,744;
• Let’s wait for more clues. Probably we’ll see more definition this week.
Remember to follow me to keep in touch with my daily analyses!
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