S&P500 Trend Analysis – SPX (EoD) Chart
SPX plunged more than 100 points from top and closed more than 1.2% down.
First time RSI fell bellow 50 after Nov 2023, its big bearish sign for month of April!l
– Weekly Trend is Still up
– Daily candle closed well below 20 EMA and trend reversed
– Hourly Trend is down
– Weekly swing high is at 5226 and daily resistance is 5180
– Weekly swing low is around 5104 and daily support at 5134.
Gold is reversing as state in last post!
– Gold reached over 2320 and strong trend still continues, Its seem overbought zone now, a small pullback can be expected
– Over Trend is positive but profit booking likely to continue
– I am look enter around 2260 as I have booked my profit yesterday at 2320.
– These pull backs can be a buying opportunity!
– Daily Swing low is around 2280, Hard SL is 2240
Please note this is only an opinion and not financial advice.
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