SPX: Target hit (one month later!). What to expect now?
Hello traders and investors! The SPX finally hit our target at 4,472!
When the market crashed on Feb 24, it was a clear buy to me, and I set a target at 4,472 (breakaway gap). As Nathan Rothschild once said: "But when there’s blood in the streets". The index did many bullish signs: Bullish pivot point; Exhaustion Gap; Piercing Line in the daily chart above a support level. Just check my Feb 24 public analysis for more details:
Now, we filled our Breakaway Gap, and although we don’t see any bearish reversal or top sign yet, the index is losing strength. This is normal, as it went up a lot since the 4,161, and to me, it deserves to do a correction again, at least in the short-term.
In the daily chart, we are reversing the trend, and we broke the purple line for good, indicating that the bearish sentiment is done for now.
Despite the bullish bias, a pullback to the 21 ema again would be a natural and healthy movement, and it would give us another opportunity to buy, if the index reacts well.
To me, it is not the time to buy, but the time to consider booking profits, while wait for another opportunity to buy, when the risk/;reward ratio gets better.
Either way, I’ll keep you guys updated every day on this, so remember to follow me to not miss any of my future analyses on stocks and indices!
When the market crashed on Feb 24, it was a clear buy to me, and I set a target at 4,472 (breakaway gap). As Nathan Rothschild once said: "But when there’s blood in the streets". The index did many bullish signs: Bullish pivot point; Exhaustion Gap; Piercing Line in the daily chart above a support level. Just check my Feb 24 public analysis for more details:
Now, we filled our Breakaway Gap, and although we don’t see any bearish reversal or top sign yet, the index is losing strength. This is normal, as it went up a lot since the 4,161, and to me, it deserves to do a correction again, at least in the short-term.
In the daily chart, we are reversing the trend, and we broke the purple line for good, indicating that the bearish sentiment is done for now.
Despite the bullish bias, a pullback to the 21 ema again would be a natural and healthy movement, and it would give us another opportunity to buy, if the index reacts well.
To me, it is not the time to buy, but the time to consider booking profits, while wait for another opportunity to buy, when the risk/;reward ratio gets better.
Either way, I’ll keep you guys updated every day on this, so remember to follow me to not miss any of my future analyses on stocks and indices!
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