SPX: About to do something interesting!
Hello traders and investors! As usual, let’s see how the SPX is doing today!
I overestimated the bears, as I was expecting that the index would fill the gap at 4,444 yesterday. We still could fill this gap, as today the index did a rally to the 21 ema, just to do another bearish reaction, making it a possible Dead Cat Bounce.
However, if the index reacts and closes above the 21 ema, we might see a reversal pattern, possibly a bullish pivot point. Aside from the support at the gap, now seems to be an important place for the index to form a bottom in the daily chart:
Since we are just above an important support line, any bullish reaction around here would be an excuse to buy. We just need to wait for confirmation.
The volume seems ok, but it is harder to read than SPY’s volume, which clearly spikes when we get near the support line:
Surely, something interesting is about to happen. Let’s pay attention to the signs it’ll give us this week. If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Have a good day.
I overestimated the bears, as I was expecting that the index would fill the gap at 4,444 yesterday. We still could fill this gap, as today the index did a rally to the 21 ema, just to do another bearish reaction, making it a possible Dead Cat Bounce.
However, if the index reacts and closes above the 21 ema, we might see a reversal pattern, possibly a bullish pivot point. Aside from the support at the gap, now seems to be an important place for the index to form a bottom in the daily chart:
Since we are just above an important support line, any bullish reaction around here would be an excuse to buy. We just need to wait for confirmation.
The volume seems ok, but it is harder to read than SPY’s volume, which clearly spikes when we get near the support line:
Surely, something interesting is about to happen. Let’s pay attention to the signs it’ll give us this week. If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Have a good day.
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