SPX: Volatile? Yes. Scary? No.
Hello traders and investors! The SPX did exactly as we planned in our last analysis, and now we are just bouncing back up again. The link to my previous public analysis is below this post, as usual.
We are in a strong bullish momentum, but hardly it’ll keep going up without a pullback, and the 21 ema is there to support the price, along with the 4,322.
The index did fill its previous gap at 4,322 as we expected, since we lost the red line at 4,366, and we did a sharper pullback seen in the daily chart as well.
Yes, the SPX hit our mid-term target at the black line around 4,289, and it did what seems to be a false breakdown, which happens when the price closes under the previous support, but the next day it quickly recovers, and closes above the support line again.
This situation is very frustrating for the bears, as it shows a lot of weakness on their part. The index couldn’t even retest its purple trendline yet (last time we touched it was in March).
As usual, all we can assume is that the index will continue its bullish momentum. However, if the index loses the 4,289 again then I’ll be more convinced of a sharper pullback to its trendline, or to the previous support at 4,167. But this is a big “if”. For now, let’s not assume things, and just react to the facts.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea if it helped you!
Thank you very much!
We are in a strong bullish momentum, but hardly it’ll keep going up without a pullback, and the 21 ema is there to support the price, along with the 4,322.
The index did fill its previous gap at 4,322 as we expected, since we lost the red line at 4,366, and we did a sharper pullback seen in the daily chart as well.
Yes, the SPX hit our mid-term target at the black line around 4,289, and it did what seems to be a false breakdown, which happens when the price closes under the previous support, but the next day it quickly recovers, and closes above the support line again.
This situation is very frustrating for the bears, as it shows a lot of weakness on their part. The index couldn’t even retest its purple trendline yet (last time we touched it was in March).
As usual, all we can assume is that the index will continue its bullish momentum. However, if the index loses the 4,289 again then I’ll be more convinced of a sharper pullback to its trendline, or to the previous support at 4,167. But this is a big “if”. For now, let’s not assume things, and just react to the facts.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea if it helped you!
Thank you very much!
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