• The SPX did a top sign, as it lost our 21 ema (1h) yesterday, and it did a quite powerful bearish candlestick pattern in the daily chart: A Below the Stomach pattern;
• This reinforces our thesis that the index wants to correct, and the 21 ema in the daily chart becomes a technical target in this scenario;
• The problem is that yesterday the index failed in breaking the 4,015 (red line), and if it does a clear reaction around this area then our thesis might get frustrated;
• It seems the index is trying to react this morning, but it has yet to reject this Below the Stomach pattern seen in the daily chart;
• I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
• This reinforces our thesis that the index wants to correct, and the 21 ema in the daily chart becomes a technical target in this scenario;
• The problem is that yesterday the index failed in breaking the 4,015 (red line), and if it does a clear reaction around this area then our thesis might get frustrated;
• It seems the index is trying to react this morning, but it has yet to reject this Below the Stomach pattern seen in the daily chart;
• I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
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