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HomeTrading FocusedTechnical OutlookS&P500 Technical Outlook For April 08 and This Week

S&P500 Technical Outlook For April 08 and This Week

S&P 500

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.

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