• The index is going up sharply today, as it found a support around the 61.8% Fibonacci’s Retracement yesterday;
• Now, the area around the 4K is a triple support area consisting of: 1) The 61.8% retracement, as we mentioned; 2) The 21 ema; and 3) the previous bottom level the index did yesterday at 4K (green line);
• As long as the index stays above this triple support, the bias will remain clearly bullish (in the short-term). Only if the SPX loses this area we would see a sharper pullback in the daily chart;
• In the daily chart, the next support is at the 21 ema. Since the index did a top sign yesterday, it wouldn’t be a surprise to see it there, but if it loses the triple support area in the 1h chart, it could drop a little bit more;
• The main support is around the red area, between 3,937 – 3,911. The trend will remain bullish (in the mid-term) as long as the index stays above this red area in the daily chart;
• Although we had a top sign yesterday, it wasn’t triggered yet, therefore, we must keep our eyes open at the triple support area, and watch carefully the main support areas in the daily chart;
• For now, the situation is perfectly under control. I’ll keep you posted on this.
Remember to follow me to keep in touch with my daily analyses!
• Now, the area around the 4K is a triple support area consisting of: 1) The 61.8% retracement, as we mentioned; 2) The 21 ema; and 3) the previous bottom level the index did yesterday at 4K (green line);
• As long as the index stays above this triple support, the bias will remain clearly bullish (in the short-term). Only if the SPX loses this area we would see a sharper pullback in the daily chart;
• In the daily chart, the next support is at the 21 ema. Since the index did a top sign yesterday, it wouldn’t be a surprise to see it there, but if it loses the triple support area in the 1h chart, it could drop a little bit more;
• The main support is around the red area, between 3,937 – 3,911. The trend will remain bullish (in the mid-term) as long as the index stays above this red area in the daily chart;
• Although we had a top sign yesterday, it wasn’t triggered yet, therefore, we must keep our eyes open at the triple support area, and watch carefully the main support areas in the daily chart;
• For now, the situation is perfectly under control. I’ll keep you posted on this.
Remember to follow me to keep in touch with my daily analyses!
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