• The SPX lost two important support levels last week. First, the 3,885, a key point that worked as a support a few times this year. Second, the baseline of a Descending Channel;
• Meaning, the trend was already bearish, now the index is just crashing;
• There’s no meaningful bullish reaction indicating that a bottom is near;
• Even if the index reacts today, the problem is that the previous support levels, the 3,885 and the baseline of the Descending Channel, are now resistance levels, and any bearish sign under this resistance would mean an opportunity to sell. Now, let's take a look at the weekly chart:
• In theory, the SPX is looking for its next support, which is at 3,773, and that's the next technical target in the daily chart. Long-term speaking, if the index loses this support, it would trigger a kind of Double Top chart pattern in the weekly chart, indicating that it could seek the 3,500 next.
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• Meaning, the trend was already bearish, now the index is just crashing;
• There’s no meaningful bullish reaction indicating that a bottom is near;
• Even if the index reacts today, the problem is that the previous support levels, the 3,885 and the baseline of the Descending Channel, are now resistance levels, and any bearish sign under this resistance would mean an opportunity to sell. Now, let's take a look at the weekly chart:
• In theory, the SPX is looking for its next support, which is at 3,773, and that's the next technical target in the daily chart. Long-term speaking, if the index loses this support, it would trigger a kind of Double Top chart pattern in the weekly chart, indicating that it could seek the 3,500 next.
Remember to follow me to keep in touch with my daily analysis!
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