SPX: New record high! How to proceed?
Hello traders and investors! Let’s see how the SPX is doing today!
Once again, we have a new record high, as usual. This is natural, as we have a strong and solid bull trend. Notice how the 21 ema is a reliable support level too, and as long as it keeps above it, the trend will be very bullish.
The red line at 4,429 is another technical support, but there’s nothing indicating that it’ll drop to this point. Let’s see the daily chart:
The index denied all its possible bearish signs, and it just resumed the trend. And the recent movement reinforces our idea that the 4,429 is the main key point here. As we discussed in our last study, I prefer to use this support to guide myself.
If you are on SPX, and are nervous about it, you may just wait for a bearish structure in the 1h chart, like a bearish pivot point or any bearish chart pattern and let the market cash you out. I wouldn't use bearish candlestick patterns in the daily chart, as they fail most of the time.
In addition, if the index loses this red line we’ll see a decent pullback. But for now, no bearish structures in the 1h chart, and no bearish signs in the daily chart.
I’ll keep you guys updated, and in this case, remember to follow me to keep in touch with my daily analysis.
Have a good day.
Once again, we have a new record high, as usual. This is natural, as we have a strong and solid bull trend. Notice how the 21 ema is a reliable support level too, and as long as it keeps above it, the trend will be very bullish.
The red line at 4,429 is another technical support, but there’s nothing indicating that it’ll drop to this point. Let’s see the daily chart:
The index denied all its possible bearish signs, and it just resumed the trend. And the recent movement reinforces our idea that the 4,429 is the main key point here. As we discussed in our last study, I prefer to use this support to guide myself.
If you are on SPX, and are nervous about it, you may just wait for a bearish structure in the 1h chart, like a bearish pivot point or any bearish chart pattern and let the market cash you out. I wouldn't use bearish candlestick patterns in the daily chart, as they fail most of the time.
In addition, if the index loses this red line we’ll see a decent pullback. But for now, no bearish structures in the 1h chart, and no bearish signs in the daily chart.
I’ll keep you guys updated, and in this case, remember to follow me to keep in touch with my daily analysis.
Have a good day.
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