SPX: The most important point for SPX!
Hello traders and investors! Let’s see how the SPX is doing today! The moment is quite challenging with everything that is going on (elections, second wave, vaccine), but the Technical Analysis can always offer us some interesting insights.
Firs, the hourly chart is in a strong bull trend, and despite the fact it is too stretched, there’s nothing indicating we’ll see a reversal ahead. But we can’t discard the possibility of a pullback.
The red line at 3,588 is the most important point for SPX in the short/mid-term, and only if SPX loses it, we’ll see a sharper pullback. This red line only makes sense if we analyze the daily chart:
Yes, the red line is the previous All Time High (ATH), and if SPX closes under it today, leaving a huge shadow above the candlestick body, we’ll see a Shooting Star pattern in the daily chart, and a false breakout from a previous resistance, and usually these are not good signs.
Also, we may see an Exhaustion Gap here (yellow area), reinforcing the idea of a pullback, and SPX could easily hit the 21 ema again in the next few days, if these signs will be triggered.
Let’s keep our eyes open here, as the moment is quite decisive for SPX, and if this idea helped you, please, support it! And follow me to keep in touch with my daily analyses.
Have a good Monday!
Firs, the hourly chart is in a strong bull trend, and despite the fact it is too stretched, there’s nothing indicating we’ll see a reversal ahead. But we can’t discard the possibility of a pullback.
The red line at 3,588 is the most important point for SPX in the short/mid-term, and only if SPX loses it, we’ll see a sharper pullback. This red line only makes sense if we analyze the daily chart:
Yes, the red line is the previous All Time High (ATH), and if SPX closes under it today, leaving a huge shadow above the candlestick body, we’ll see a Shooting Star pattern in the daily chart, and a false breakout from a previous resistance, and usually these are not good signs.
Also, we may see an Exhaustion Gap here (yellow area), reinforcing the idea of a pullback, and SPX could easily hit the 21 ema again in the next few days, if these signs will be triggered.
Let’s keep our eyes open here, as the moment is quite decisive for SPX, and if this idea helped you, please, support it! And follow me to keep in touch with my daily analyses.
Have a good Monday!
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