• The SPX successfully rejected the Below the Stomach candlestick pattern from yesterday, and it failed in breaking the support at 4,015;
• This is a sign of strength, and makes a correction to the 21 ema less likely;
• The trend is still bullish, as it is still doing higher highs/lows, above the 21 ema (D), and there’s no clear reversal sign on it yet;
• Although the SPX rejected the Below the Stomach from yesterday, it has yet to break the resistance at 4,100;
• The 4,100 is a bullish pivot point, as seen in the weekly chart, and would be the first one since the bear market started in January 2022 - this could change everything and put an end on this bear market. The index already did an upwards breakout from the Descending Channel seen in the W chart;
• For now, the key points are 4,100 and 4,015. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• This is a sign of strength, and makes a correction to the 21 ema less likely;
• The trend is still bullish, as it is still doing higher highs/lows, above the 21 ema (D), and there’s no clear reversal sign on it yet;
• Although the SPX rejected the Below the Stomach from yesterday, it has yet to break the resistance at 4,100;
• The 4,100 is a bullish pivot point, as seen in the weekly chart, and would be the first one since the bear market started in January 2022 - this could change everything and put an end on this bear market. The index already did an upwards breakout from the Descending Channel seen in the W chart;
• For now, the key points are 4,100 and 4,015. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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