MAGS Downtrend Persists, Bulls Only Above $61.2

SmartReversals
03-11 15:04

$Roundhill Magnificent Seven ETF(MAGS)$

The Mag7 ETF shows the situation for the giants: Weakening price action and here a downtrend set by the 20 daily average.

The lower highs and lower lows is narrowing. A breach of $61.2 would trigger a revisit of the lows and a validation of the reversal candle.

That said, bullish above $61.2.

As the oversold McClellan Oscillator and the breach of the lower Bollinger Band suggested, $S&P 500(.SPX)$ price was set for a bounce today.

The index now must sustain itself above the key weekly level to validate this move.

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