SPX: Will we defeat the ATH? Let's see here...

Hello traders and investors! So, SPX is doing some interesting movements! Let’s what’s going on.

First, we failed in defeat the ATH, which is the black line. But SPX didn’t lose the purple line we talked about yesterday, which is a previous bottom. In a bull trend, supports offer opportunities to buy, and the buyers where there to hold the price.

Ok, but the movement was not strong enough to hit the ATH again, and it left some huge shadows above the two last candlesticks. And right now, SPX is in a decisive point.

If it loses the purple line again, the odds are that it will trigger a bearish pivot that could lead to a sharper pullback. But if defeats the ATH, the trend will resume as usual.

Now, let’s see the daily chart for more clues:


Today’s candlestick is bullish and could be a Piercing Line candlestick pattern. If it were closer to the 21 ema, would be a buy for sure. Right now, since it is close to the ATH, I think is just a bullish candlestick, and nothing changes.

Only if SPX loses today’s candle low or the purple line we talked about in the hourly chart we will a further pullback. Until then, SPX will just go up without rest.

Now, if we see a pullback, the red line is a natural target for SPX, as the 21 ema. If we see a bullish sign near any of these points, is just opportunity to buy, or buy more/again. And if you found this idea interesting, please, support it! And I invite you to follow me to keep in touch with my daily analyses. I don’t post too much, so, I won’t bug you.

There’s nothing indicating that the trend will reverse. There are no bearish pivots, no descending tops and bottoms, nothing. A pullback is more believable, but since the bull trend is so strong, we can’t count too much on it. Tomorrow we will have more clues.


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