• The SPX is in a short-term bull trend, as seen in the 1h chart, and only if it loses the 21 ema we would see a correction ahead;
• In theory, it wants to hit the next resistance level, at 4,053, and as long as it stays above the 21 ema, this is the most likely scenario;
• This reinforces our previous reading on this, as mentioned in our previous study from yesterday (link below this post);
• If it loses the 21 ema, the next stop would be the 3,950 area.
• In the daily chart, SPX did a top sign yesterday, a Shooting Star candlestick pattern. However, this pattern wasn’t triggered yet;
• According to Bulkowski’s studies, a Shooting Star works as a bearish reversal 59% of the time, which is not that great;
• Either way, SPX is still trading above its support levels, and even if it corrects in the daily chart, the 21 ema is there to hold the price as well;
• As usual, I’ll keep you updated on this every day.
Remember to follow me to keep in touch with my daily analyses!
• In theory, it wants to hit the next resistance level, at 4,053, and as long as it stays above the 21 ema, this is the most likely scenario;
• This reinforces our previous reading on this, as mentioned in our previous study from yesterday (link below this post);
• If it loses the 21 ema, the next stop would be the 3,950 area.
• In the daily chart, SPX did a top sign yesterday, a Shooting Star candlestick pattern. However, this pattern wasn’t triggered yet;
• According to Bulkowski’s studies, a Shooting Star works as a bearish reversal 59% of the time, which is not that great;
• Either way, SPX is still trading above its support levels, and even if it corrects in the daily chart, the 21 ema is there to hold the price as well;
• As usual, I’ll keep you updated on this every day.
Remember to follow me to keep in touch with my daily analyses!
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