SPX
had a solid retracement today and while the situation may seem bearish on smaller time frames, if we switch to the 4h time frame we can clearly see that technical analysis suggests we are still in a bullish trend. A rejection happened at the support level of 200 EMA. Last time
SPX
broke the 200 EMA support level was in February 2020, just before the first covid lockdowns happened. As long as
SPX
holds the support level, we're going up from here!
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Our patience is being tested. We can see a candlestick wick touched under the support level but it got rejected once again. As long as a candle doesn't close under it, we're good! Everything looking good so far.
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We started today with a gap up, just as expected.