SPX: Inside a short-term CONGESTION! Let's see how to proceed.
• The index is trading inside a short-term congestion in the 1h chart. Although this indicates weakness, it is not a bearish sign;
• Since our previous analysis, the index lost its previous support, however, it couldn’t drop to the 3,900 area again, which reinforces the idea that it is just weak, not necessarily bearish;
• Now, the 21 ema is flat, and the SPX is just dancing around it;
• The trigger point for a continuation of the bull trend is still the 3,980, as we stated yesterday;
• If it loses the 3,936, then I see a correction to the 3,906;
• As long as the index stays inside this congestion, it’ll just move erratically for a while. I’ll keep you guys updated on this.
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• Since our previous analysis, the index lost its previous support, however, it couldn’t drop to the 3,900 area again, which reinforces the idea that it is just weak, not necessarily bearish;
• Now, the 21 ema is flat, and the SPX is just dancing around it;
• The trigger point for a continuation of the bull trend is still the 3,980, as we stated yesterday;
• If it loses the 3,936, then I see a correction to the 3,906;
• As long as the index stays inside this congestion, it’ll just move erratically for a while. I’ll keep you guys updated on this.
Remember to follow me to keep in touch with my analyses!
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