SPX Daily Chart: Tech Stock Rebound Reflects Weekend Anticipation
This week began with a bounce in the tech sector, The telltale sign? A tech candle on Friday with its entire body situated below the Bollinger Band + RSI at 30. All of these observations were highlighted over the weekend. $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$
Looking Ahead: Can the Rally Continue?
While the daily candle doesn't necessarily signal a reversal, there are a few hurdles to consider:
ℹ️Unfilled Gap at $5,057: This gap represents a zone of price discontinuity that needs to be filled for a cleaner uptrend.
ℹ️Double Resistance at $5,110 and 20DMA. Overcoming both hurdles swiftly would strengthen the bullish continuation case.
If the rally jumps above those resistance levels, $5,192 becomes a potential rejection zone. Price needs more consolidation.
Worth Noting: The 125 DMA sits today at $4853, far from $4600.
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The 20DMA has confluence with $5110.
50DMA is important, but there is confluence at the current levels. I just shared the levels for next week that must hold price, A little retrace is still part of a bounce.
https://twitter.com/SmartReversals/status/1783954672803352955
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