SPX had a solid retracement today and while the situation may seem bearish on smaller time frames, if we switch to the 4h time frame we can clearly see that technical analysis suggests we are still in a bullish trend. A rejection happened at the support level of 200 EMA. Last time SPX broke the 200 EMA support level was in February 2020, just before the first covid lockdowns happened. As long as
SPX holds the support level, we're going up from here!Note
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Our patience is being tested. We can see a candlestick wick touched under the support level but it got rejected once again. As long as a candle doesn't close under it, we're good! Everything looking good so far.Note
We started today with a gap up, just as expected.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.