SPX: Bearish Pattern Below a Resistance! ðĪ
âĒ The SPX did a top sign, as it lost our 21 ema (1h) yesterday, and it did a quite powerful bearish candlestick pattern in the daily chart: A Below the Stomach pattern;
âĒ This reinforces our thesis that the index wants to correct, and the 21 ema in the daily chart becomes a technical target in this scenario;
âĒ The problem is that yesterday the index failed in breaking the 4,015 (red line), and if it does a clear reaction around this area then our thesis might get frustrated;
âĒ It seems the index is trying to react this morning, but it has yet to reject this Below the Stomach pattern seen in the daily chart;
âĒ Iâll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
âĒ This reinforces our thesis that the index wants to correct, and the 21 ema in the daily chart becomes a technical target in this scenario;
âĒ The problem is that yesterday the index failed in breaking the 4,015 (red line), and if it does a clear reaction around this area then our thesis might get frustrated;
âĒ It seems the index is trying to react this morning, but it has yet to reject this Below the Stomach pattern seen in the daily chart;
âĒ Iâll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
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