In my previous SPX analysis, I was hoping to see it comes all the way back to 2641, but the 21 ema is doing a good job as a support here. If S&P goes up and close above the blue line region, then it will probably stop only at 3136, a sign of real strength here.
I was working with a scenario where the decisive point would be the orange line, but the 21 ema already...
see how trend chages from one to another. from bear channel it changes to trading range where bulls and bears were similar in power. after bull breakout bulls regains control and pushed prices higher in bull channel.
As you can see from today's price action, it is clear that BNF is in need of trigger to sustain above 30400, not sustaining above it is not a good sign for bulls and we might end up reversing to 29900 and 29500 levels if we can not close above this.
It is not advised to carry any positions today EOD, its better to book longs if any and be on shorter tf for...
