SPX: Yes, the support is working as we thought. What's next?
Hello traders and investors! Let’s see how the SPX is doing today!
First, in the 1h chart, we see that it just retested the 4,480, which is the key point we’ve been mentioning for a while, and now it is trying to react. As long as it keeps above this red line and the 21 ema, the index will keep trending.
In fact, since we have this red line and the 21 ema, we can call this a dual-support level. If we actually lose it, then probably we’ll fill the gap at 4,444.
It is interesting to notice that the gap at 4,444 is very close to the 21 ema in the daily chart, making it another dual-support level in the mid-term. In the worst-case scenario, we would hit the purple line again.
For now, let’s watch carefully the red line in the 1h chart, as this is the key point for the short-term. I don't think now it is a good time to buy, but we have many other stocks that are looking great, in my view.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
First, in the 1h chart, we see that it just retested the 4,480, which is the key point we’ve been mentioning for a while, and now it is trying to react. As long as it keeps above this red line and the 21 ema, the index will keep trending.
In fact, since we have this red line and the 21 ema, we can call this a dual-support level. If we actually lose it, then probably we’ll fill the gap at 4,444.
It is interesting to notice that the gap at 4,444 is very close to the 21 ema in the daily chart, making it another dual-support level in the mid-term. In the worst-case scenario, we would hit the purple line again.
For now, let’s watch carefully the red line in the 1h chart, as this is the key point for the short-term. I don't think now it is a good time to buy, but we have many other stocks that are looking great, in my view.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
⚠️ Want to take your trading to the next level?
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.