SPX: A Short-Term Congestion | What's Next?
• The SPX is trading inside a range, between 4,148 and 4,099. Only a breakout will bring something new;
• The 4,099 is a Double Bottom, and if the index loses this key support, we might see it correcting to the next support line, at 4,029, filling the gap at 4,072 in the process;
• However, the SPX is still trading above the 21 ema on the daily chart, indicating that it has decent chances of resuming the bullish sentiment – it just has to break the 4,148 to confirm this thesis;
• In this scenario, mid-term speaking, the next technical resistance at 4,195 would become our next target;
• For now, let’s wait for more signals.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• The 4,099 is a Double Bottom, and if the index loses this key support, we might see it correcting to the next support line, at 4,029, filling the gap at 4,072 in the process;
• However, the SPX is still trading above the 21 ema on the daily chart, indicating that it has decent chances of resuming the bullish sentiment – it just has to break the 4,148 to confirm this thesis;
• In this scenario, mid-term speaking, the next technical resistance at 4,195 would become our next target;
• For now, let’s wait for more signals.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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