SPX: Buy amid panic? Let's see...
Hello traders and investors! Let’s see how the SPX is doing today!
First, in the 1h chart, it lost the support level we mentioned yesterday, however, it seems it just dropped to its next support, and now we see a very good reaction.
In the 1h chart, the index filled the previous gap, making it an Exhaustion Gap, and it is triggering a pivot point as well. These are signs of bullish reversal, but the situation is still very dangerous.
The index is still under its 21 ema, and it seems it needs more bullish structures to confirm a true short/mid-term reversal. If this happens, the gap at 4,472 would be its next target.
When we look at the daily chart, we see a powerful candlestick today, closing above the last two support levels, and this is another bullish sign. The volume is starting to increase again too, and this is important. Remember, the volume must confirm the trend (Dow Theory 5th tenet).
Since I always had this contrarian style, when I see movements like this, or when I see people panicking, usually I find the best opportunities around. As Nathan Rothschild once said: "But when there’s blood in the streets". Use the emotional traders and investors in your favor.
However, we must do this calmly, with caution, and using a proven methodology. Personally, I see many amazing opportunities right now.
I’ll keep you guys updated every day on this, so, remember to follow me to keep in touch with my daily updates.
First, in the 1h chart, it lost the support level we mentioned yesterday, however, it seems it just dropped to its next support, and now we see a very good reaction.
In the 1h chart, the index filled the previous gap, making it an Exhaustion Gap, and it is triggering a pivot point as well. These are signs of bullish reversal, but the situation is still very dangerous.
The index is still under its 21 ema, and it seems it needs more bullish structures to confirm a true short/mid-term reversal. If this happens, the gap at 4,472 would be its next target.
When we look at the daily chart, we see a powerful candlestick today, closing above the last two support levels, and this is another bullish sign. The volume is starting to increase again too, and this is important. Remember, the volume must confirm the trend (Dow Theory 5th tenet).
Since I always had this contrarian style, when I see movements like this, or when I see people panicking, usually I find the best opportunities around. As Nathan Rothschild once said: "But when there’s blood in the streets". Use the emotional traders and investors in your favor.
However, we must do this calmly, with caution, and using a proven methodology. Personally, I see many amazing opportunities right now.
I’ll keep you guys updated every day on this, so, remember to follow me to keep in touch with my daily updates.
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