SPX: Key points for the week.
Hello traders and investors! Let’s see how SPX is doing today.
First, in the 1h chart, we had a false breakdown from the previous support at 4,449.50, as the index quickly recovered and filled the gap (so, it wasn’t a runaway gap, in the end).
Once again, the index is above the 21 ema, and the movement seen in the past few hours ruins the possibility of a bullish structure. The black line at 4,437 could be a bearish pivot point, but it is too far, and the SPX is doing what seems to be a V-Shape recovery to the ATH again.
In the daily chart, we have not a single bearish sign, and today’s “flash-crash” couldn’t even hit the 21 ema. Aside from the 21 ema, we have the black line at 4,393 and the purple trendline as supports for the price.
As we discussed in today’s video, we have no lower highs/lows in any time frame, and the situation looks very bullish.
However, it is still important to keep our eyes open to possible corrections/pullbacks, and watch the main key points on the index.
Have a good week!
First, in the 1h chart, we had a false breakdown from the previous support at 4,449.50, as the index quickly recovered and filled the gap (so, it wasn’t a runaway gap, in the end).
Once again, the index is above the 21 ema, and the movement seen in the past few hours ruins the possibility of a bullish structure. The black line at 4,437 could be a bearish pivot point, but it is too far, and the SPX is doing what seems to be a V-Shape recovery to the ATH again.
In the daily chart, we have not a single bearish sign, and today’s “flash-crash” couldn’t even hit the 21 ema. Aside from the 21 ema, we have the black line at 4,393 and the purple trendline as supports for the price.
As we discussed in today’s video, we have no lower highs/lows in any time frame, and the situation looks very bullish.
However, it is still important to keep our eyes open to possible corrections/pullbacks, and watch the main key points on the index.
Have a good week!
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