SP500 might bounce then potentially make a lower low

SmartReversals
05-30

$S&P 500(.SPX)$ McClellan Oscillator:

As posted two weeks ago, a divergence in this breadth indicator was developing, and we're seeing the results now.

I also mentioned that during the pullback, this oscillator could become oversold very quickly. Today, it sits at -79, which is significantly below the -70 threshold.

A short-term bounce may occur soon (a time term, not a price term). What will be interesting is whether a bullish divergence will form. This means the #SP500 might bounce, then potentially make a lower low, while the oscillator creates a higher low.

$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2406(ESmain)$ $E-mini Dow Jones - main 2406(YMmain)$ $E-mini Nasdaq 100 - main 2406(NQmain)$

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https://x.com/SmartReversals/status/1796019008212185467

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  • DebbyLily
    ·05-31
    Let's see how it plays out.
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  • KSR
    ·05-31
    👍
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