SPX: A challenging moment for the index!
Hello traders and investors! Let’s see how SPX is doing this Friday 13!
In the hourly chart, I see that the index is moving sideways, inside a congestion. The 21 ema is flat, and we have the 3,581 as resistance, and the 3,511 as support. In theory, since SPX is coming from a bullish momentum, it should do an upward breakout, and defeat the green line for good. But the situation is not as simple as we wish.
Let’s look at the daily chart now:
The problem is, SPX failed in defeating the previous All Time High (black line), and it did a Shooting Star pattern. The volume is decreasing, and the 21 ema is moving erratically, along with the price.
Regardless of any personal belief, I see this as a binary situation: If SPX defeats the green line in the hourly chart, it’ll seek record highs, and I don’t believe the black line at 3,588 will hold the price. But if it loses the red line, then the 21 ema would be the next target, at least.
It won’t be easy for SPX to cancel this Shooting Star, and honestly, I think that if SPX continues trading sideways, until the price hits the 21 ema, will be a good thing, as now the catalysts that were increasing the volatility aren’t as strong as before (elections and second wave).
The FAANGs have no unique direction today, and this makes the indices quite hard to read. This is a challenging moment, but I hope this analysis helped you in some way. If that’s the case, please, support it, and follow me to keep in touch with my daily analyses!
Have a great weekend!
In the hourly chart, I see that the index is moving sideways, inside a congestion. The 21 ema is flat, and we have the 3,581 as resistance, and the 3,511 as support. In theory, since SPX is coming from a bullish momentum, it should do an upward breakout, and defeat the green line for good. But the situation is not as simple as we wish.
Let’s look at the daily chart now:
The problem is, SPX failed in defeating the previous All Time High (black line), and it did a Shooting Star pattern. The volume is decreasing, and the 21 ema is moving erratically, along with the price.
Regardless of any personal belief, I see this as a binary situation: If SPX defeats the green line in the hourly chart, it’ll seek record highs, and I don’t believe the black line at 3,588 will hold the price. But if it loses the red line, then the 21 ema would be the next target, at least.
It won’t be easy for SPX to cancel this Shooting Star, and honestly, I think that if SPX continues trading sideways, until the price hits the 21 ema, will be a good thing, as now the catalysts that were increasing the volatility aren’t as strong as before (elections and second wave).
The FAANGs have no unique direction today, and this makes the indices quite hard to read. This is a challenging moment, but I hope this analysis helped you in some way. If that’s the case, please, support it, and follow me to keep in touch with my daily analyses!
Have a great weekend!
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