SPX: It is not breaking our RESISTANCE! How to proceed?

2022年6月6日

Hello traders and investors! Everything is going according to the plan here, and the index is struggling at our resistance around 4,168. Let’s see what to expect from here.

First, the index did exactly what we expected in our last analysis, as it broke the green line at 4,128, and it is seeking its next resistances. The 4,168 is working well for now, and it seems it won't be easy to break it. The link to my previous analysis is below this post, as always.

Now is the third time the index is struggling at this resistance. Since it is in a bull trend in the 1h chart, as it is doing higher highs/lows, any correction up to the red line at $ 4,073 should be considered an opportunity to buy. However, we must not lose the red line, otherwise, this would ruin the bullish structure.



In the daily chart, the index is still trading above its 21 ema, and above the 4,090 (the trigger point of this Double Bottom chart pattern), meaning, it is still bullish in the daily chart too. As long as we stay above our support levels, the 4,300 is the next resistance to aim for.

The index just started its reversal, so the situation is still delicate. The volume is still lower than usual, and this is annoying. Nevertheless, for now, everything is going according to the plan.

I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!