• The SPX went up nicely last week, but it seems it is finally showing exhaustion signs;
• Although a pullback is plausible, the trend would still be bullish, as the index is still doing higher highs/lows, and it lacks bearish reversal structures (it is showing exhaustion, but this is different than a reversal structure);
• For now, let’s watch the support at 4,100 closely, as this is the next support level on the index. If it loses it, a sharper correction might occur;
• I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
• Although a pullback is plausible, the trend would still be bullish, as the index is still doing higher highs/lows, and it lacks bearish reversal structures (it is showing exhaustion, but this is different than a reversal structure);
• For now, let’s watch the support at 4,100 closely, as this is the next support level on the index. If it loses it, a sharper correction might occur;
• I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
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