SPX: The beginning of a new BEAR MARKET?
Hello traders and investors! How are you today? Well, we are having a big sell-off, let’s see what’s going on here, and do a complete Multi Time Frame Analysis (MTFA) and look at the H,D and W charts.
First, in the hourly chart, we see that the resistance at the 3827 worked very well, and the index dropped to lower levels today. What’s more, it triggered a Bearish Pivot Point at the 3732.
Now the 21 ema is there to work as a resistance, and it is near the same level the 21 ema is in the daily chart too:
In the daily chart, the index lost yesterday’s low, which was a decisive Key Point for the short/mid-term, and this might bring a pullback to lower levels. We discussed this possibility yesterday, in my last analysis, if you missed, just check the link below.
The shadow under the candlestick’s body is annoying for sure, but since it lost the trendline and the 21 ema is starting to point down, we may see a sharper pullback indeed. And if that’s the case, where’s the next stop?
We have a possible Bearish Engulfing in the weekly chart, and if triggered, the index has a next stop at the 21 ema, which is a nice spot to aim.
Remember to follow me to keep in touch with my daily updates and support this idea if you liked it! Thank you very much.
First, in the hourly chart, we see that the resistance at the 3827 worked very well, and the index dropped to lower levels today. What’s more, it triggered a Bearish Pivot Point at the 3732.
Now the 21 ema is there to work as a resistance, and it is near the same level the 21 ema is in the daily chart too:
In the daily chart, the index lost yesterday’s low, which was a decisive Key Point for the short/mid-term, and this might bring a pullback to lower levels. We discussed this possibility yesterday, in my last analysis, if you missed, just check the link below.
The shadow under the candlestick’s body is annoying for sure, but since it lost the trendline and the 21 ema is starting to point down, we may see a sharper pullback indeed. And if that’s the case, where’s the next stop?
We have a possible Bearish Engulfing in the weekly chart, and if triggered, the index has a next stop at the 21 ema, which is a nice spot to aim.
Remember to follow me to keep in touch with my daily updates and support this idea if you liked it! Thank you very much.
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