SPX: High volatility in this Quad Witching Day!
Hello traders and investors! Let’s see how the SPX is doing today!
The volatility is quite high, thanks to the Quad Witching, but we can find some sense of this crazy market using Price Action.
The SPX it is doing a Double Bottom chart pattern in the 1h chart, but the situation is still delicate. If it loses the previous support, then it’ll ruin the pattern and the index will become slightly bearish for the next few days.
However, if it reacts near this double bottom, it’ll resume the bullish momentum in the daily chart. Speaking of daily chart:
It is frustrating because we are losing the purple line for the first time. Maybe the 6th time is the charm, as we thought. However, keep in mind that we are losing the trendline without bearish structure. Again, only if we lose for good the support at 4,435 in the 1h chart we might see a bearish reaction lasting for a few more days.
Surely, the bull trend got weaker, but this is all we can assume for now. Since it is Quad Witching day, I prefer to wait for more confirmation next week.
If you liked this analysis, remember to follow me to keep in touch with my daily updates! See you on Monday.
Have a good weekend!
The volatility is quite high, thanks to the Quad Witching, but we can find some sense of this crazy market using Price Action.
The SPX it is doing a Double Bottom chart pattern in the 1h chart, but the situation is still delicate. If it loses the previous support, then it’ll ruin the pattern and the index will become slightly bearish for the next few days.
However, if it reacts near this double bottom, it’ll resume the bullish momentum in the daily chart. Speaking of daily chart:
It is frustrating because we are losing the purple line for the first time. Maybe the 6th time is the charm, as we thought. However, keep in mind that we are losing the trendline without bearish structure. Again, only if we lose for good the support at 4,435 in the 1h chart we might see a bearish reaction lasting for a few more days.
Surely, the bull trend got weaker, but this is all we can assume for now. Since it is Quad Witching day, I prefer to wait for more confirmation next week.
If you liked this analysis, remember to follow me to keep in touch with my daily updates! See you on Monday.
Have a good weekend!
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