longs SPX
Analyzing the current daily trends, we can observe a pattern of consistently higher daily lows, indicating a structurally robust market. Additionally, after surpassing the '4-hour lower high' (indicated by the blue eclipse), a potential 'double bottom' pattern appears to be forming at the support level.
However, it's crucial to also consider the other side of the coin. On the daily chart, we've been in a consolidation phase, characterized by multiple rejections from the 4150 mark. For a more nuanced understanding, let's delve into the 4-hour/intraday chart.
Taking a closer look at the 4-hour to 30-minute timeframe on the right side of the chart, the 'double bottom' pattern we mentioned earlier becomes evident. This pattern, coupled with noticeable drives on the 1-2 hour chart into the support level, provides further evidence in favor of a long position. This was followed by a strong price surge, and now, we're witnessing a pullback towards the psychological level of 4100.
This level of 4100 is of particular interest as it presents some market imbalance. It is within this grey zone that we'll be scouting for potential long trade opportunities. Our analysis, thus, brings us to the intersection of these critical market forces, providing a comprehensive perspective on the current market dynamics.
However, it's crucial to also consider the other side of the coin. On the daily chart, we've been in a consolidation phase, characterized by multiple rejections from the 4150 mark. For a more nuanced understanding, let's delve into the 4-hour/intraday chart.
Taking a closer look at the 4-hour to 30-minute timeframe on the right side of the chart, the 'double bottom' pattern we mentioned earlier becomes evident. This pattern, coupled with noticeable drives on the 1-2 hour chart into the support level, provides further evidence in favor of a long position. This was followed by a strong price surge, and now, we're witnessing a pullback towards the psychological level of 4100.
This level of 4100 is of particular interest as it presents some market imbalance. It is within this grey zone that we'll be scouting for potential long trade opportunities. Our analysis, thus, brings us to the intersection of these critical market forces, providing a comprehensive perspective on the current market dynamics.
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