SPX: Ready to Resume the Trend.
• The SPX is bouncing, trading above the 21 ema, and there’s no top signal or reversal structure on it yet;
• The next technical resistance is the gap area at 4,218, and as long as the trend remains bullish, we’ll get there;
• The trend is bullish because the index is still doing higher highs/lows, and it is above the 21 ema (which is pointing upwards), despite the correction seen last week;
• Only if the index loses the 21 ema, and does a low lower than the previous low (4,060), we would see a mid-term bearish reversal structure;
• So far, the situation seems under control. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• The next technical resistance is the gap area at 4,218, and as long as the trend remains bullish, we’ll get there;
• The trend is bullish because the index is still doing higher highs/lows, and it is above the 21 ema (which is pointing upwards), despite the correction seen last week;
• Only if the index loses the 21 ema, and does a low lower than the previous low (4,060), we would see a mid-term bearish reversal structure;
• So far, the situation seems under control. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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