SPX: Time to crash? Watch these key points next week!
Hello traders and investors! Let’s talk about the SPX today!
The index is showing weakness signs, but this doesn’t mean it’ll reverse right now. Either way, we have some important key points to keep in mind.
First, in the 1h chart, we see that the trend is not as bullish as it was a few days ago, and it is more like a congestion. It seems we are heading to the 4,369 to fill the gap, but the bearish movement is as pathetic as the bulls, and it is moving very slowly.
In the daily chart, we are at the black line at 4,393, and if we close under it, then I’ll be more convinced of a pullback, probably to the 21 ema, which is quite close to the gap seen in the 1h chart. Therefore, I find this as a key support level for index in the future, if it actually drops, of course.
I think a pullback will be good for the index, as it is showing many signs of exhaustion, but again, this is not a reversal sign, and we don’t have a bear market yet.
A bear market must have lower highs/lows, and so far, we only have higher highs/lows, meaning that we are in a bull trend, and there’s no confirmation that it’ll reverse at all.
However, it is important to keep an eye on the 4,393 and on the dual-support level made by the 21 ema in the daily chart, and the gap area in the 1h chart. Next week we’ll see if it’ll hit there or not.
Remember to follow me to keep in touch with my daily studies, and if you liked this idea, please, support it!
Have a good weekend!
The index is showing weakness signs, but this doesn’t mean it’ll reverse right now. Either way, we have some important key points to keep in mind.
First, in the 1h chart, we see that the trend is not as bullish as it was a few days ago, and it is more like a congestion. It seems we are heading to the 4,369 to fill the gap, but the bearish movement is as pathetic as the bulls, and it is moving very slowly.
In the daily chart, we are at the black line at 4,393, and if we close under it, then I’ll be more convinced of a pullback, probably to the 21 ema, which is quite close to the gap seen in the 1h chart. Therefore, I find this as a key support level for index in the future, if it actually drops, of course.
I think a pullback will be good for the index, as it is showing many signs of exhaustion, but again, this is not a reversal sign, and we don’t have a bear market yet.
A bear market must have lower highs/lows, and so far, we only have higher highs/lows, meaning that we are in a bull trend, and there’s no confirmation that it’ll reverse at all.
However, it is important to keep an eye on the 4,393 and on the dual-support level made by the 21 ema in the daily chart, and the gap area in the 1h chart. Next week we’ll see if it’ll hit there or not.
Remember to follow me to keep in touch with my daily studies, and if you liked this idea, please, support it!
Have a good weekend!
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