S&P500 Trend Analysis – SPX (EoD) Chart
SPX had a extreme rang bound session today as predicted in last post.
– Weekly Trend is Still up
– Daily candle hovering around to 20 EMA
– Hourly Trend is still down
– Swing high is at 5235 and weekly resistance is around 5256.
– Weekly swing low is around 5104 and daily support at 5180.
– Tomorrow we may see good volatile session toward end of the day before important.
My Opinion –
My view is still bearish for short term as I am expecting a pull back or small correction in few days although this bull might continue.
5260 should be used as heard stop on daily close. Once it close above 5260 we may initiate long positions.
Please note these are just ideas and only opinions and not a financial advice.
To get regular updates on stocks, please join our Discord community.
Our Articles on Long-Term Stock Analysis
My best read on trading is this Book