SPX: Yes, we got it right again! Now what?

Hello traders and investors! Let’s see how the SPX is doing today!

As we discussed in our last study, the SPX lost the green line at 4,517 and this triggered the pivot point in the daily chart, as we expected.

So far, we have no bullish reaction, and it feels like the index could drop more, maybe to fill the gap at 4,444. But let’s see the daily chart for more clues:


The index did exactly what we said in our last study (the link is below this post), and it did a pullback to its support level. It dropped slightly under the 21 ema/4,480 area and it hit the purple trendline, which was the most stressful scenario in my view.

Now, next week will be decisive. Any bullish reaction around here will be an excuse to buy, as the risk/reward ratio is very good. However, we must wait for a reaction, ok?

This is not a reversal sign, and the index would need a much stronger bearish structure to reverse the trend. For now, let’s wait for another buy sign.

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Have a good weekend!