$S&P 500(.SPX)$ • Market Status: Defensive day with strong risk-off sentiment. • Trend Analysis: The market is showing a defensive trend with minimal retracement, indicating a potential trend day with bearish control. • Prediction: Given the defensive sentiment and the positioning of moving averages, the market may test the lower support levels around 5,400. A break below this could lead to further declines.
Given the huge run up, market players are rotating into other stocks that will benefit from an interest rate cut. We should be seeing Mag 7 having more corrections.