$.SPX(.SPX)$ - Bullish Engulfing Candle: The bounce looks solid, the 4 hours timeframe is neutral. Continuation is likely.
The key element to watch is the $Cboe Volatility Index(VIX)$ , it jumped +4.94% and also suggests continuation.
$NVIDIA Corp(NVDA)$ will dictate the direction of the next leg.
The bullish setup with that Volatility is not clean.
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$.DJI(.DJI)$ : The dragonfly candle bouncing from the 20DMA is bullish, however the gap below and oscillator trending down are reasons to be cautious. Bullish confirmation is needed.
As mentioned yesterday, the VIX is also an element to be careful about.
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