SPX: As expected, another BEAR TRAP. What's next?
Hello traders and investors! The SPX did a Bear Trap as we thought, but is there any chance that it’ll drop from here? Let’s see.
In the daily chart, it did trigger the Shooting Star candlestick pattern it did this Tuesday, but as we mentioned, since it lacked bearish structures, the odds were that it was a Bear Trap.
What’s more, since we already had a support at the red line at 4,546 (which wasn’t retested, by the way), there’s no way we could call that a sell. I agree that we are far from the 21 ema, and a pullback here would be great, but as long as we don’t see a clear sign, there’s nothing else to do.
Let’s see the 1h chart for more clues:
The index did a bearish pivot point in the 1h chart, however, since yesterday’s low was close to the support level in the daily chart, the pattern failed completely (a classic false breakout), and now we see some bullish reaction.
Again, price-wise, there’s nothing telling us that the index will drop from here. We see that it is doing a sideways correction, but I would only believe in a sharper pullback if we do a strong bearish structure.
For now, the SPX is sideways in the 1h chart, and 100% bullish in the daily chart. Let’s follow it closely.
If you liked this analysis, remember to follow me to keep in touch with my daily updates. Also, support the idea if it helped you.
Have a good day!
In the daily chart, it did trigger the Shooting Star candlestick pattern it did this Tuesday, but as we mentioned, since it lacked bearish structures, the odds were that it was a Bear Trap.
What’s more, since we already had a support at the red line at 4,546 (which wasn’t retested, by the way), there’s no way we could call that a sell. I agree that we are far from the 21 ema, and a pullback here would be great, but as long as we don’t see a clear sign, there’s nothing else to do.
Let’s see the 1h chart for more clues:
The index did a bearish pivot point in the 1h chart, however, since yesterday’s low was close to the support level in the daily chart, the pattern failed completely (a classic false breakout), and now we see some bullish reaction.
Again, price-wise, there’s nothing telling us that the index will drop from here. We see that it is doing a sideways correction, but I would only believe in a sharper pullback if we do a strong bearish structure.
For now, the SPX is sideways in the 1h chart, and 100% bullish in the daily chart. Let’s follow it closely.
If you liked this analysis, remember to follow me to keep in touch with my daily updates. Also, support the idea if it helped you.
Have a good day!
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