The bulls joined forces and pushed the SPX index with all their might. In a previous analysis, the American index was on the verge of pivoting downwards, in case it lost the region of 3919, however, that was not what happened.
-The volatility was so great that two days later there was a bullish pivot that was taking shape according to the SETUP used. Its target for the moment could be the 4122 region to try to pierce the long bearish trend line that has been dominating the index.
-Daily chart: The uptrend is losing strength and asking for corrections. In this time frame we have the region of 3840 being defended as the bottom of prices at the moment.
-Weekly chart: Moderate uptrend. We have a recent bullish pivot formed on this time frame. We can observe a decreasing volume.
-Monthly chart. A new bullish pivot is looking to form, as the first bullish pivot failed to continue, but served as support in the 50% FIBO region.
-Image of the first upward pivot on the monthly chart formed which did not hold but served as support for its 50% FIBO region.
-For now, what can prevent prices from advancing a few more yards is the downtrend line that is just above and, that's where prices stopped in the last trading session of 03/31/2023.
-Do your analysis and good business.
-Be Aware, If You Buy, Use Stop!
-See below for other graphic reviews!
-The volatility was so great that two days later there was a bullish pivot that was taking shape according to the SETUP used. Its target for the moment could be the 4122 region to try to pierce the long bearish trend line that has been dominating the index.
-Daily chart: The uptrend is losing strength and asking for corrections. In this time frame we have the region of 3840 being defended as the bottom of prices at the moment.
-Weekly chart: Moderate uptrend. We have a recent bullish pivot formed on this time frame. We can observe a decreasing volume.
-Monthly chart. A new bullish pivot is looking to form, as the first bullish pivot failed to continue, but served as support in the 50% FIBO region.
-Image of the first upward pivot on the monthly chart formed which did not hold but served as support for its 50% FIBO region.
-For now, what can prevent prices from advancing a few more yards is the downtrend line that is just above and, that's where prices stopped in the last trading session of 03/31/2023.
-Do your analysis and good business.
-Be Aware, If You Buy, Use Stop!
-See below for other graphic reviews!
