SPX: As we expected, it filled our first gap! What's next?
Hello traders and investors! Today, the SPX hit our first gap, as we expected. However, we must be careful, as the situation is quite complex.
First, in the 1h chart, the index moved according to our bullish thesis: It broke the purple line, traded above the 21 ema, and it filled its first gap at 4,583. This point is a natural resistance, and if we see a pullback lasting a few hours or even days from here, let’s not be surprised.
The thing is that it did another gap today, and we still don’t know what kind of gap this is. If it is a Runaway Gap, great, the SPX will probably break the 4,583 and close above it, confirming a strong bullish momentum.
If the gap resistance holds the price, and if we correct from here, this gap might be just a Common Gap, and a target for a possible correction in the near future, along with the 21 ema.
This wouldn’t be a problem, as it wouldn’t ruin the bull trend seen since Jan 24, but this will surely delay any other bullish structure it could do next. So, be prepared for this scenario.
In the daily chart, everything is going according to the plan, and it seems we have a bullish pivot point in process. By breaking the previous top, the index will confirm a bullish structure that could last for a few more weeks, and will probably hit our final target at 4,652, which is our second gap. Remember: Gaps work as magnets.
We are finally above the 21 ema, and there’s not a single bearish structure that could convince me we will reverse from here.
I’ll keep you guys updated on a daily basis, so remember to follow me to not lose any of my future analysis! Have a good day.
First, in the 1h chart, the index moved according to our bullish thesis: It broke the purple line, traded above the 21 ema, and it filled its first gap at 4,583. This point is a natural resistance, and if we see a pullback lasting a few hours or even days from here, let’s not be surprised.
The thing is that it did another gap today, and we still don’t know what kind of gap this is. If it is a Runaway Gap, great, the SPX will probably break the 4,583 and close above it, confirming a strong bullish momentum.
If the gap resistance holds the price, and if we correct from here, this gap might be just a Common Gap, and a target for a possible correction in the near future, along with the 21 ema.
This wouldn’t be a problem, as it wouldn’t ruin the bull trend seen since Jan 24, but this will surely delay any other bullish structure it could do next. So, be prepared for this scenario.
In the daily chart, everything is going according to the plan, and it seems we have a bullish pivot point in process. By breaking the previous top, the index will confirm a bullish structure that could last for a few more weeks, and will probably hit our final target at 4,652, which is our second gap. Remember: Gaps work as magnets.
We are finally above the 21 ema, and there’s not a single bearish structure that could convince me we will reverse from here.
I’ll keep you guys updated on a daily basis, so remember to follow me to not lose any of my future analysis! Have a good day.
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