SPX: Trying to correct? Pay attention to its support levels!
Hello traders and investors! Let’s see how the SPX is doing today!
It just sought the 21 ema in the 1h chart, something already expected, and this point is holding the price nicely, for now.
Only if the index loses the 21 ema, along with the green line at 4,664 it’ll frustrate this bullish bias, and correct more in the daily chart:
A correction in the daily chart would be great, after all, last time we hit the 21 ema it was more than 1 month ago. If it would correct by doing a sideways correction or by actually dropping to the 21 ema, we don’t know yet, and it is useless to try to predict.
I agree that the volume has been decreasing lately, and this smells like a correction, but we must pay attention to the points in the 1h chart, as they will dictate how the index will behave in the next few days.
If you liked this analysis, remember to follow me to keep in touch with daily updates.
All the best to you.
It just sought the 21 ema in the 1h chart, something already expected, and this point is holding the price nicely, for now.
Only if the index loses the 21 ema, along with the green line at 4,664 it’ll frustrate this bullish bias, and correct more in the daily chart:
A correction in the daily chart would be great, after all, last time we hit the 21 ema it was more than 1 month ago. If it would correct by doing a sideways correction or by actually dropping to the 21 ema, we don’t know yet, and it is useless to try to predict.
I agree that the volume has been decreasing lately, and this smells like a correction, but we must pay attention to the points in the 1h chart, as they will dictate how the index will behave in the next few days.
If you liked this analysis, remember to follow me to keep in touch with daily updates.
All the best to you.
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