SPX bullish above 6937 confirms recovery

SmartReversals
01-23

$S&P 500(.SPX)$

Bullish continuation as the setup suggested, including the volatility.

To confirm the recovery and eliminate the possibility of just a gap fill move, it’s important to overcome the level of $6,937 so bullish continuation can be considered for next week.

As I said yesterday：

The pattern is repeating: Breach of the lower band + Oversold oscillator. This bounce has lead to choppy price action in the days ahead.

The rejection at the 20DMA suggests so, but the recovery of $6,836 is an encouraging sign. Mentioned yesterday: "most of the move is in".

For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now

Find out more here.

Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.

Click to access the activity

Other helpful links:

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment