SPX: BEAR MODE again! What's next?
• The SPX lost our key support at 3,911, a sign of weakness, and this indicates more correction;
• Now the index is finally doing a lower low, while it is below the 21 ema – a trait of a bear trend;
• In this scenario, the next stop is the 3,818, to fill the last gap (yellow square);
• In addition, the 3,911, our previous support, is supposed to work as a resistance in the future, along with the 21 ema. Any bounce to these resistances should be considered just a bounce, before it resumes the bear trend;
• So far, there’s no technical evidence that the index will bounce or reverse the sentiment, as there’s no bullish pattern/structure around;
• The volume is quite high, indicating that this sell-off is intense, indeed;
• For now, let’s focus on our gap. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• Now the index is finally doing a lower low, while it is below the 21 ema – a trait of a bear trend;
• In this scenario, the next stop is the 3,818, to fill the last gap (yellow square);
• In addition, the 3,911, our previous support, is supposed to work as a resistance in the future, along with the 21 ema. Any bounce to these resistances should be considered just a bounce, before it resumes the bear trend;
• So far, there’s no technical evidence that the index will bounce or reverse the sentiment, as there’s no bullish pattern/structure around;
• The volume is quite high, indicating that this sell-off is intense, indeed;
• For now, let’s focus on our gap. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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