SPX: A top sign!? Time to panic?
Hello traders and investors! Let’s see how the SPX is doing today!
In the 1h chart, we see that the index is respecting our support at 4,595, and only if we lose this point I’ll believe it could drop more. If this happens, we have many other support levels that could hold the price, like the gap area (blue square), the 21 ema, and the 4,500.
The trend is still clearly bullish, as we only see higher highs/lows, and we still don’t see any bearish structure around. Speaking of targets, we still have an open gap at 4,652, which will probably get filled in the future.
Now, let’s look the daily chart:
In the daily chart, it seems we are trying to do a top sign. So far, today’s candlestick pattern could be a Bearish Harami, a famous bearish reversal candlestick pattern (in theory), but that works as a bullish continuation pattern on 53% of the time (near random).
Since we lack bearish structures around, there’s no technical reason to believe in a pullback right now. I’ll just keep an eye open around the 4,595 area, as this is the most important support level for the short-term.
Even if we correct more than expected in the 1h chart, the 21 ema in the daily chart is a good support candidate in the future. I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
In the 1h chart, we see that the index is respecting our support at 4,595, and only if we lose this point I’ll believe it could drop more. If this happens, we have many other support levels that could hold the price, like the gap area (blue square), the 21 ema, and the 4,500.
The trend is still clearly bullish, as we only see higher highs/lows, and we still don’t see any bearish structure around. Speaking of targets, we still have an open gap at 4,652, which will probably get filled in the future.
Now, let’s look the daily chart:
In the daily chart, it seems we are trying to do a top sign. So far, today’s candlestick pattern could be a Bearish Harami, a famous bearish reversal candlestick pattern (in theory), but that works as a bullish continuation pattern on 53% of the time (near random).
Since we lack bearish structures around, there’s no technical reason to believe in a pullback right now. I’ll just keep an eye open around the 4,595 area, as this is the most important support level for the short-term.
Even if we correct more than expected in the 1h chart, the 21 ema in the daily chart is a good support candidate in the future. I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
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