• The SPX is reacting today, as it is trying to break yesterday’s high and the resistance at 4,015 (red line);
• If it stays above this area, the index might bounce again, and retest the next resistance area around 4,060;
• The 4,060 was a previous support level, and it is where the 21 ema is right now, making this a dual-resistance area in the daily chart;
• As long as the index remains below these resistances the bearish bias will persist, and any bounce could be just a Dead Cat Bounce;
• In order for the index to reverse the bearish sentiment, it is important to see clear bullish reversal structures, and so far, there’s none.
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• If it stays above this area, the index might bounce again, and retest the next resistance area around 4,060;
• The 4,060 was a previous support level, and it is where the 21 ema is right now, making this a dual-resistance area in the daily chart;
• As long as the index remains below these resistances the bearish bias will persist, and any bounce could be just a Dead Cat Bounce;
• In order for the index to reverse the bearish sentiment, it is important to see clear bullish reversal structures, and so far, there’s none.
Remember to follow me to keep in touch with my daily analyses!
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