S&P500 Trend Analysis – SPX (EoD) Chart
SPX Still showing great resilience and closed more than 1% higher on Friday and make kind of Harami pattern.
Weekly and Monthly candle so point downward signs for month of April!l
– Weekly Trend is Still up
– Daily candle hovering around to 20 EMA
– Hourly Trend is still down
– Weekly swing high is at 5226 and main weekly resistance is around 5256.
– Weekly swing low is around 5104 and daily support at 5180.
– Monday move stay sideways until it break Thursdays candle either side!
Last week candle was down where will this week end?
– I am guesstimating is down, what is your guess?
– Its was First after 13 weeks when weekly candle closed more than 1% in red.
– Weekly Starting to Point down.
– Inflation data and many more important news this week
SPX looks weak on monthly candle ?
So far April month candle looks weak, may be this is the red month finally for the bears after straight 5 months!
My Opinion –
My view is bearish for short term as I am expecting a pull back or small correction in this bull run.
5260 should be used as heard stop on daily close. Once it close above 5260 we may imitate long positions.
Please note these are just ideand and only opinions and not a financial advice.
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