SPX: This is a Critical Support Level.
• The SPX triggered our Shooting Star candlestick pattern, confirming a top sign and it started its correction;
• In the 1h chart, it lost the 21 ema, along with the first two Fibonacci’s Retracements;
• Although the 50% did work momentarily as a support level, the momentum was so powerful that a few hours later, we broke the 50% retracement and found a support at the 61.8%;
• Now it seems the index is stabilizing in this area, however, there’s no clear bottom sign on it yet;
• In order to avoid a bearish continuation to the 3,949, our next support seen in the daily chart, the index would have to do a very good reaction above the 61.8% retracement, closing above the 4k again;
• So far, there’s no clear bullish reaction. Let’s see how it’ll react today.
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• In the 1h chart, it lost the 21 ema, along with the first two Fibonacci’s Retracements;
• Although the 50% did work momentarily as a support level, the momentum was so powerful that a few hours later, we broke the 50% retracement and found a support at the 61.8%;
• Now it seems the index is stabilizing in this area, however, there’s no clear bottom sign on it yet;
• In order to avoid a bearish continuation to the 3,949, our next support seen in the daily chart, the index would have to do a very good reaction above the 61.8% retracement, closing above the 4k again;
• So far, there’s no clear bullish reaction. Let’s see how it’ll react today.
Remember to follow me to keep in touch with my daily analysis!
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