$S&P 500(.SPX)$ The 2 Hours chart presents the bullish hammer above the central level on April 30th, and during this last week, the central level acted as support, with a temporary breach on April 7th that makes the case of fake breakdowns and the reason why a stop loss has to be set below the level.
Anyway, the bearish doji observed on Thursday initiated a decline, however, there is no bearish confirmation since the blue line ($5,606) has not been lost. That blue line will change next week, the level is provided below.
For next week, the support and resistance levels will be crucial, since the price action has been indecisive for seven consecutive days already. Such indecision builds price platforms that can act as a launchpad, as presented last Wednesday in the market update and the chart for SPY and NDX.
For the short term, there are as many bearish references as bullish ones, for that reason the “bullish above, bearish below” approach is crucial.
Why “very short term”? I provided my medium term view in the previous market update, for access click here. And remember that I provided an executive update of fundamentals and then the statistics were shared in the second half of the publication.
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