$SPX, $NVDA & $IWM - Markets at an Inflection Point

SmartReversals
01-05 08:53

1. $S&P 500(.SPX)$

SPX managed to fill the gap and close at the 20DMA zone. The narrowing price action is anticipating a significant move ahead. A loss of $6,837 and the 20DMA would suggest a breakdown and more consolidation after 7 green months + a muted December.

BTC on the other hand, is attempting to breakout, that would be a bullish indication of risk appetite.

2. $NVIDIA(NVDA)$

Very interesting formation, should it be called the twins-shooting star pattern?

Short term pullback is likely, the strength of the 50DMA + Volume shelf will be tested.

3. $iShares Russell 2000 ETF(IWM)$

The move looks promising, supported by the bounce at the confluence zone of the 50DMA and the Volume Shelf. The oscillator is curling up from the oversold zone.

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