• Today, SPX is rejecting yesterday’s bullish reaction;
• Today, the index did a Breakaway Gap (blue square, 1h chart), as this gap is breaking the 21 ema, a technical support level. If the SPX doesn’t fill this gap quickly, the bearish sentiment will gain momentum;
• In the 1h chart, it dropped to fill a gap at 3,831. Only if the index reacts amazingly well, and closes above the 3,831 again, it would have a chance to bounce to higher levels again – but this reaction must occur as soon as possible, filling the Breakaway Gap in sequence;
• If this gap fails in supporting the price, along with the support at 3,818 (another gap support in the daily chart), the daily chart suggests a continuation of the bearish sentiment at least to the 3,744 (red line);
• So far, there’s no meaningful technical reaction. I’ll keep you updated.
Remember to follow me to keep in touch with my daily analyses!
• Today, the index did a Breakaway Gap (blue square, 1h chart), as this gap is breaking the 21 ema, a technical support level. If the SPX doesn’t fill this gap quickly, the bearish sentiment will gain momentum;
• In the 1h chart, it dropped to fill a gap at 3,831. Only if the index reacts amazingly well, and closes above the 3,831 again, it would have a chance to bounce to higher levels again – but this reaction must occur as soon as possible, filling the Breakaway Gap in sequence;
• If this gap fails in supporting the price, along with the support at 3,818 (another gap support in the daily chart), the daily chart suggests a continuation of the bearish sentiment at least to the 3,744 (red line);
• So far, there’s no meaningful technical reaction. I’ll keep you updated.
Remember to follow me to keep in touch with my daily analyses!
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