SPX: Afraid of a pullback? Check these key points.
Hello traders and investors! Let’s see how the SPX is doing today!
In the 1h chart, we have some interesting key points to watch from here. First, the trend is 100% bullish, and there’s not a single pullback/reversal/weakness signs around. We don’t see any bearish structure, only bullish.
However, if the index doesn’t break the previous top, and fails in doing a new record, and if it loses the green line at 4,515, we’ll see a bearish structure. This will create a pullback in the daily chart:
Even if the SPX drops, hardly it’ll drop much, as we have too many supports to hold the price: The 4,480; the 21 ema; and in the worst-case scenario, the purple trendline. As far as I know, if the index drops to one of these supports, we buy at the slightest bullish pattern we see around, because the Risk/Reward ratio will make sense again.
Keep in mind that we have many supports in the 1h chart as well, like the 4,500; the 4,469; and the gap at 4,444. All of this supports our idea that a pullback might be just an opportunity. The index is trending nicely, and so far, we have no sell sign.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
In the 1h chart, we have some interesting key points to watch from here. First, the trend is 100% bullish, and there’s not a single pullback/reversal/weakness signs around. We don’t see any bearish structure, only bullish.
However, if the index doesn’t break the previous top, and fails in doing a new record, and if it loses the green line at 4,515, we’ll see a bearish structure. This will create a pullback in the daily chart:
Even if the SPX drops, hardly it’ll drop much, as we have too many supports to hold the price: The 4,480; the 21 ema; and in the worst-case scenario, the purple trendline. As far as I know, if the index drops to one of these supports, we buy at the slightest bullish pattern we see around, because the Risk/Reward ratio will make sense again.
Keep in mind that we have many supports in the 1h chart as well, like the 4,500; the 4,469; and the gap at 4,444. All of this supports our idea that a pullback might be just an opportunity. The index is trending nicely, and so far, we have no sell sign.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
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