SPX: New key points to monitor this week!
Hello traders and investors! Let’s see how SPX is doing today!
In the 1h chart, the trend is bullish, but is not as strong as before. It feels like it is slowly turning into congestion. Anyway, the 21 ema is under the price, and it is working as a support for us here.
We have more support levels around the two black lines area, which seems to be an important price level to work with. We must not lose today’s low, as this could make the index correct in the daily chart.
Speaking of daily chart:
We almost retested the ATH, but it seems this is still the target for us here. The only problem is the volume, which is not the best. I think today’s low is the key point to work with, as if the SPX loses it, then it might drop to the 4,183, or even the 21 ema.
So far, there’s nothing indicating we could drop to the 4k, as this would require a stronger bearish structure. As long as the index keeps above the 21 ema in the 1h chart, and does not trigger any of the points mentioned in this analysis, probably the ATH is the target.
Let’s follow the index closely from now on, and if you liked this idea, remember to follow me to keep in touch with my daily updates.
Thank you very much!
In the 1h chart, the trend is bullish, but is not as strong as before. It feels like it is slowly turning into congestion. Anyway, the 21 ema is under the price, and it is working as a support for us here.
We have more support levels around the two black lines area, which seems to be an important price level to work with. We must not lose today’s low, as this could make the index correct in the daily chart.
Speaking of daily chart:
We almost retested the ATH, but it seems this is still the target for us here. The only problem is the volume, which is not the best. I think today’s low is the key point to work with, as if the SPX loses it, then it might drop to the 4,183, or even the 21 ema.
So far, there’s nothing indicating we could drop to the 4k, as this would require a stronger bearish structure. As long as the index keeps above the 21 ema in the 1h chart, and does not trigger any of the points mentioned in this analysis, probably the ATH is the target.
Let’s follow the index closely from now on, and if you liked this idea, remember to follow me to keep in touch with my daily updates.
Thank you very much!
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