Yes, we made the bears bled AGAIN!

TVC:SPX   S&P 500 Index
Ok, so SPX finally closed its gap around 3k, I’ll erased it in my next analysis, and now it’s doing what seems to be a Shooting Star pattern. But how worried should we be? Let’s see.

You guys know that I’m with the bulls for some time (more than a month now), and I keep warning, every day – It’s a bull trend. We should be very careful and don’t try to predict the next top, in my experience this is useless (most of the times I admit). Now, if we look at the hourly chart, the price is doing a pullback to the 21 ema and it will seek its next support at the pink line.

If you switch to the daily chart , you’ll see a Shooting Star:

Here you see a closed gap and a bearish pattern . A pullback to the fib retracement or the 21 ema would be absolutely normal. And until it’s a bull trend, I’m with the bulls. Also, if you are still reading this remember to support this idea and follow me to keep updated about our trades and analyses! You wouldn't still be here if you wasn't finding this analysis interesting!

We avoided three bear traps recently using the hourly chart. In all three occasions the chart was pretty bearish in the daily basis, but it was just another pullback at the hourly chart. I wonder if this is going to happen again.

My stock portfolio has 8 stocks, I’m long in all of them, and talked about it in my social media, follow me there too! I analyzed three of them here on Tradingview, the link to them are below ( PFE , XP and LB ).

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IMO shooting star may become an Abandoned Baby Doji, look out! Island reversal in offing? Stay tuned!!
+2 Reply
Nathan_Black DaddySawbucks
@DaddySawbucks, Oh yes, I'll my friend! I'm just waiting for a bullish sign at VIX.

Trade well!
DaddySawbucks Nathan_Black
@Nathan_Black, Ty. It's an exhaustion gap IMO.
Nice descriptions! Check my schedule on SPY

+1 Reply
@Asanato, Yep, that's a very good and clear analysis. You successfully summarized everything important in one chart. Nice work!
I wish you well.
Good Work Nathan_Black!! i like your work.
@Olebs, Thanks Olebs! I'll do another analysis soon, so, keep in touch! You'll always be welcome here.

I wish you well.
"We" lol
Nathan_Black lordofthebags
@lordofthebags, Yes, read the analysis.
@Nathan_Black Hi there, can you clarify on my (not extensive) knowledge of Shooting Stars? Aka my question is: would today's hourly price action popping up into that 3021 range invalidate the Shooting Star yesterday's candle possibility?? Curious and learning...
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