SPX: You must pay attention to these Key Points!
Hello traders and investors! Let’s see how the SPX is doing today!
This new record high is not a big surprise for us, as we’ve been discussing here, the trend is clearly bullish, and we have not a single pullback sign around. Let’s remember the most overlooked tenet of the Dow Theory: Trends persist, until a clear reversal occurs.
What could make SPX drop more and do a pullback? Now I see the red line at 4,429 and the 21 ema as the main support levels. If the index loses both points, then we might see a decent pullback in the daily chart.
In the daily chart, we have the 4,393 and the 21 ema to hold the price, if it drops. This would mean a drop of less than 1%. Could it drop more? Of course, but we would need to see a stronger bearish structure.
For now, let’s keep our eyes on these points, and keep in mind that the trend is bullish until it isn’t. When it reverses, the charts will warn us. Follow me to keep in touch with my daily updates.
Thank you very much,
Have a great weekend.
This new record high is not a big surprise for us, as we’ve been discussing here, the trend is clearly bullish, and we have not a single pullback sign around. Let’s remember the most overlooked tenet of the Dow Theory: Trends persist, until a clear reversal occurs.
What could make SPX drop more and do a pullback? Now I see the red line at 4,429 and the 21 ema as the main support levels. If the index loses both points, then we might see a decent pullback in the daily chart.
In the daily chart, we have the 4,393 and the 21 ema to hold the price, if it drops. This would mean a drop of less than 1%. Could it drop more? Of course, but we would need to see a stronger bearish structure.
For now, let’s keep our eyes on these points, and keep in mind that the trend is bullish until it isn’t. When it reverses, the charts will warn us. Follow me to keep in touch with my daily updates.
Thank you very much,
Have a great weekend.
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