Hello traders and investors! Let’s see how the SPX is doing today! It might seem we are having a hard time today, but let’s do our usual Multi Time Frame Analysis (MTFA) to see if this is correct.
First, in the 1h chart, we are just doing a pullback to the support level, made by the black lines (gap and previous resistance) and the 21 ema. This is a triple-support level.
Now, the 4,213 is another pivot point, and if triggered, it’ll make the index fly again.
What’s more, we have a bull trend, as we have higher highs/lows, at least in the short-term, but this could be enough for the index to seek its ATH again.
Now, let’s see the daily chart:
Today’s candlestick is quite bearish, but this could be a bear trap, as we just had a pullback in the 1h chart. The 4,183 is a key point here, but it seems the index is just heading to the ATH.
There’s nothing unusual regarding the volume, and this movement is not surprising at all. Recently, the US market is doing amazingly well, just not as much as other markets around, like the Chinese or Brazilian markets, which are flying and our group has been trading them.
But I do believe the US market will fly again, and soon we’ll have more signs on the SPX. Let's watch the pivot point in the 1h chart!
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