SPX - The downtrend remains in control, dictated by the 20DMA currently at $5087

$S&P 500(.SPX)$ - The downtrend remains in control, dictated by the 20DMA currently at $5087.

Despite this, $Apple(AAPL)$ 's positive earnings reaction is giving a boost to the market, with SPX futures up 0.33%.

In my previous post, I highlighted the importance of the $5084 support level. Notice how the 20DMA is hovering near there now.

Breaking above this key moving average would be the first step towards a potential trend reversal.

The market's reaction to tomorrow's NFP data is a wildcard. A negative response could mute the positive sentiment from AAPL's earnings.

While the 100DMA continues its upward trend, potentially acting as a support level in a continued decline, a bullish MACD crossover would be a more significant technical signal. However, last Monday's failed attempt at a crossover highlights the market's current indecisiveness.

Image

https://twitter.com/SmartReversals/status/1786147034749145523

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Comments

PhoebeReade
05-07
PhoebeReade
The upcoming NFP data could impact market sentiment.
OgdenHerbert
05-07
OgdenHerbert
I agree, breaking above the 20DMA would be a positive sign.

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Notice how the 20DMA is hovering near there now.Breaking above this key moving average would be the first step towards a potential trend reversal.The market's reaction to tomorrow's NFP data is a wildcard. A negative response could mute the positive sentiment from AAPL's earnings.While the 100DMA continues its upward trend, potentially acting as a support level in a continued decline, a bullish MACD crossover would be a more significant technical signal. However, last Monday's failed attempt at a crossover highlights the market's current indecisiveness.<img alt=\"Image\" title=\"Image\" src=\"https://community-static.tradeup.com/news/69b108da711f6ba4efbaa6f8d08252ad\" tg-width=\"900\" tg-height=\"705\">Imagehttps://twitter.com/SmartReversals/status/1786147034749145523</body></html>","htmlText":"<html><head></head><body> <a data-mention-id=\".SPX\" class=\"teditor-mention\" data-mention-name=\"S&amp;P 500\" href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> - The downtrend remains in control, dictated by the 20DMA currently at $5087.Despite this, <a data-mention-id=\"AAPL\" class=\"teditor-mention\" data-mention-name=\"Apple\" href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a> 's positive earnings reaction is giving a boost to the market, with SPX futures up 0.33%.In my previous post, I highlighted the importance of the $5084 support level. Notice how the 20DMA is hovering near there now.Breaking above this key moving average would be the first step towards a potential trend reversal.The market's reaction to tomorrow's NFP data is a wildcard. A negative response could mute the positive sentiment from AAPL's earnings.While the 100DMA continues its upward trend, potentially acting as a support level in a continued decline, a bullish MACD crossover would be a more significant technical signal. However, last Monday's failed attempt at a crossover highlights the market's current indecisiveness.<img alt=\"Image\" title=\"Image\" src=\"https://community-static.tradeup.com/news/69b108da711f6ba4efbaa6f8d08252ad\" tg-width=\"900\" tg-height=\"705\">Imagehttps://twitter.com/SmartReversals/status/1786147034749145523</body></html>","text":"$S&P 500(.SPX)$ - The downtrend remains in control, dictated by the 20DMA currently at $5087. Despite this, $Apple(AAPL)$ 's positive earnings reaction is giving a boost to the market, with SPX futures up 0.33%. In my previous post, I highlighted the importance of the $5084 support level. Notice how the 20DMA is hovering near there now. Breaking above this key moving average would be the first step towards a potential trend reversal. The market's reaction to tomorrow's NFP data is a wildcard. A negative response could mute the positive sentiment from AAPL's earnings. While the 100DMA continues its upward trend, potentially acting as a support level in a continued decline, a bullish MACD crossover would be a more significant technical signal. However, last Monday's failed attempt at a crossover highlights the market's current indecisiveness. 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