SPX: This could trigger a REVERSAL!
Hello traders and investors! Let’s see how the SPX is doing today!
The index is reacting nicely today, after what seems to be a false breakout from the previous support level, and a bear trap. This is expected, as we still are in our “danger zone”, and now the sellers are being squeezed.
The 4,456 is still the most important resistance for us, and as long as we remain below this price level, the trend won’t reverse for good. But I agree that today’s reaction was good, and just in time, since the index is dancing around its support level in the daily chart:
The index did a false breakout from the 4,400 (March’s Top and the 50% retracement), another sign of a bear trap, and it is heading to the next resistance. The 4,456 is the most important resistance seen in the 1h chart, but in the chart we see the 21 ema at 4,453 and the 38.2% retracement at 4,458. Clearly, the area around 4,450s is not going to be easy, and this is the area the index needs to break in order to fly again.
For now, we see the beginning of a good reaction, but it is too soon to tell if it’ll reverse or not. Either way, I’ll keep you guys updated on this, so remember to follow me to not miss any of my daily analyses!
The index is reacting nicely today, after what seems to be a false breakout from the previous support level, and a bear trap. This is expected, as we still are in our “danger zone”, and now the sellers are being squeezed.
The 4,456 is still the most important resistance for us, and as long as we remain below this price level, the trend won’t reverse for good. But I agree that today’s reaction was good, and just in time, since the index is dancing around its support level in the daily chart:
The index did a false breakout from the 4,400 (March’s Top and the 50% retracement), another sign of a bear trap, and it is heading to the next resistance. The 4,456 is the most important resistance seen in the 1h chart, but in the chart we see the 21 ema at 4,453 and the 38.2% retracement at 4,458. Clearly, the area around 4,450s is not going to be easy, and this is the area the index needs to break in order to fly again.
For now, we see the beginning of a good reaction, but it is too soon to tell if it’ll reverse or not. Either way, I’ll keep you guys updated on this, so remember to follow me to not miss any of my daily analyses!
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