SPX: As usual, we nailed the movement! What's next?
Hello traders and investors! Once again, the SPX is doing a fantastic movement, and this is not a big surprise for us at all.
The index gave us many buy signs before the ATH, and we talked about all of them in my previous analyses (links below), but let’s recap:
1st) Hit the dual-support area made by the purple trendline and the red line at 4,369;
2nd) Triggered a bullish pivot point in the 1h chart when it defeated the 4,418;
3rd) Triggered the Piercing Line candlestick pattern seen in the daily chart on Friday.
See the 1h chart below. The Pivot Point was the 4,418 (red line).
Now the index just hit our target at the Gap in the 1h chart (4,471), and we have a new record high, as usual. Corrections like this are usually opportunities to buy, but unfortunately, I see people panicking over a clearly harmless pullback. If this were a true reversal, we would know. In the end, it was just another bear trap.
Right now, we have no buy sign. The time to buy was last week, when it gave us plenty of buy signs. Now it is time to manage our positions. Since we hit our target, booking profits is something wise to do, and I have a neutral view of the index right now.
Despite this, I see many stocks that are still giving us buy signs, and that look much more appealing than the SPX, or even than the NDX. You just need to know where to look.
I write daily analysis on SPX and other stocks, and if you want to keep in touch with my insights, I invite you to follow me. My previous ideas are all public, and again, the links are below this post.
Have a good trading week.
The index gave us many buy signs before the ATH, and we talked about all of them in my previous analyses (links below), but let’s recap:
1st) Hit the dual-support area made by the purple trendline and the red line at 4,369;
2nd) Triggered a bullish pivot point in the 1h chart when it defeated the 4,418;
3rd) Triggered the Piercing Line candlestick pattern seen in the daily chart on Friday.
See the 1h chart below. The Pivot Point was the 4,418 (red line).
Now the index just hit our target at the Gap in the 1h chart (4,471), and we have a new record high, as usual. Corrections like this are usually opportunities to buy, but unfortunately, I see people panicking over a clearly harmless pullback. If this were a true reversal, we would know. In the end, it was just another bear trap.
Right now, we have no buy sign. The time to buy was last week, when it gave us plenty of buy signs. Now it is time to manage our positions. Since we hit our target, booking profits is something wise to do, and I have a neutral view of the index right now.
Despite this, I see many stocks that are still giving us buy signs, and that look much more appealing than the SPX, or even than the NDX. You just need to know where to look.
I write daily analysis on SPX and other stocks, and if you want to keep in touch with my insights, I invite you to follow me. My previous ideas are all public, and again, the links are below this post.
Have a good trading week.
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