⢠Bulls lost their đ $SPX ONTO THE NEXT!
FOR THE WEEK, $SPX 500 GAINED 0.55%, $QQQ ROSE 1.43%, AND THE #DOW CLIMBED 1.14%.
⢠Starting the week bulls lost their ISLAND BOTTOM bull gap letting the bears closing lower on the day of FOMC.
⢠A weak NFP report which followed after Powell statement on job market weakening and possibility of it influencing their rate decision was seen as a bullish sign for rate cuts for a massive gap up for the market on Friday.
⢠RSI AND MACD are starting to get bullish off the neutral territory last week with RSI perking above 50 again.
⢠For the bulls the next possible target here is 5180 and the trendline above.
⢠The zone has quite a bit of resistance with the bear gap also around the corner, which will act as a strong resistance once filled and can create a possible pull back to the trendline that bulls broke on Friday.
⢠Sticking to the levels, breaking above 5180 and bull flagging can create an opportunity to go back to all time highs, and have to defend 5090 level.
⢠Bears if 5000 is broken at some point this month opens up 4800 retest possibility, this is not a weekly target.
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