Analysis of the spx 500 index on 01/07/22 Today we are here to talk about the SPX 500 index
What’s on the market now:
The index is trading at 3758. Currently, we see a developing correction with its end in the area of 3735-3700. In this zone, the market will have a chance to reverse and move up to the level of 4050. However, if the market does not have enough strength, then we will see a sharp movement of the market to the level of 3580-34 80.
Today we are waiting:
In the current trading session, I expect the market to decline to the level of 3735 – 3700.
What I recommend:
If you want to go short:
It is too early to open short positions now, it is better to open them from the level of 4050, limit your losses.
If you want to buy:
It is better to refuse to buy the index and stocks now, the index has not yet reached its bottom in the area – 3700.
We need to watch the level at 3700 as this will be the critical point where there will be an opportunity to enter the market. In doing so, we need to limit our losses.
If you are not in the market:
If you are out of the market. I recommend that you try to go short around 4050. But if you want to buy, then I recommend that you go long from the 3700 level. Remember to always limit your losses.
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