SPX: A Dangerous Signal Appears.
• The SPX failed in breaking the resistance at 4,148, which is the neckline of an IH&S chart pattern;
• If it loses the 21 ema, it might frustrate this pattern, and in this case, we would seek lower levels on the daily chart:
• The index could hit its 21 ema next, if it keeps losing momentum on the 1h chart, while the main support is at 4,048;
• The 4,048 is another neckline of a possible H&S chart pattern on the daily chart, and only if the index loses this key point it is going to really turn bearish. For now, pullbacks are plausible, especially if it does a top signal under the 4,148 on the 1h chart. Let’s keep our eyes open.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• If it loses the 21 ema, it might frustrate this pattern, and in this case, we would seek lower levels on the daily chart:
• The index could hit its 21 ema next, if it keeps losing momentum on the 1h chart, while the main support is at 4,048;
• The 4,048 is another neckline of a possible H&S chart pattern on the daily chart, and only if the index loses this key point it is going to really turn bearish. For now, pullbacks are plausible, especially if it does a top signal under the 4,148 on the 1h chart. Let’s keep our eyes open.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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