Hello traders and investors! Let’s see how the S&P500 is doing today!
First, we are trading at record highs, which is incredible, but some people might get anxious in this situation. After all, at one moment it’ll drop, right? It has to.
Well, I can guarantee to you that it’ll do a correction at some point, the problem is that we don’t know if this correction will be a true pullback to a previous support level or if it will do just some sideways correction for a few days/weeks before it goes up again.
Regardless of this, we have no weakness signs around, and there is nothing telling me we’ll see a pullback, let alone a reversal. What could cause a correction on the SPX? A bearish structure.
We could use a lower high/low in the 1h chart, or even a bearish chart pattern like a double top, something that Nasdaq is doing right now:
If Nasdaq loses today’s low tomorrow, we’ll see some weakness, but the SPX is not doing anything like it, and we can’t trade without confirmation. I think the NDX is the easiest index to understand (it has been in the last few weeks), but it is also not doing any confirmation.
Back to the SPX, we only see a series of new records here, and the 21 ema is working as a support level for the index. We have some good opportunities around, but I don’t see the moment as a buy. We bought many stocks during the dip in mid-May, like PLTR, LMND and PINS (sold with a huge profit), but now it is too late. I just bought one stock recently for myself, but this one is a secret for now.
Let’s be patient, the market will give us many opportunities soon, and we’ll be there to catch them. If this analysis helped you, remember to follow me to keep in touch with my free analyses.
Thank you very much!
First, we are trading at record highs, which is incredible, but some people might get anxious in this situation. After all, at one moment it’ll drop, right? It has to.
Well, I can guarantee to you that it’ll do a correction at some point, the problem is that we don’t know if this correction will be a true pullback to a previous support level or if it will do just some sideways correction for a few days/weeks before it goes up again.
Regardless of this, we have no weakness signs around, and there is nothing telling me we’ll see a pullback, let alone a reversal. What could cause a correction on the SPX? A bearish structure.
We could use a lower high/low in the 1h chart, or even a bearish chart pattern like a double top, something that Nasdaq is doing right now:
If Nasdaq loses today’s low tomorrow, we’ll see some weakness, but the SPX is not doing anything like it, and we can’t trade without confirmation. I think the NDX is the easiest index to understand (it has been in the last few weeks), but it is also not doing any confirmation.
Back to the SPX, we only see a series of new records here, and the 21 ema is working as a support level for the index. We have some good opportunities around, but I don’t see the moment as a buy. We bought many stocks during the dip in mid-May, like PLTR, LMND and PINS (sold with a huge profit), but now it is too late. I just bought one stock recently for myself, but this one is a secret for now.
Let’s be patient, the market will give us many opportunities soon, and we’ll be there to catch them. If this analysis helped you, remember to follow me to keep in touch with my free analyses.
Thank you very much!
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🔹 S&P500: +35%
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👉 Join the 5%: thefinancehydra.com/the5project/?utm_source=Tradingview&utm_medium=Signature&utm_campaign=Tradingview_Content
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
