SPX Daily Chart - It's too early to call a bottom

SmartReversals
05-31

$S&P 500(.SPX)$ The $5250 gap has been filled, and the $5215 S/R level provided support, coinciding with the 20DMA zone.

A bounce or muted session tomorrow is possible, but it's too early to call a bottom, it would be better to see Williams%R completing the move to oversold zone.

The bearish MACD crossover is confirmed, and unlike February and March when it was constantly invalidated, this MACD appears when the three major indexes reached strong annual resistance levels.

In the case of the SP500, this level is $5304, as presented over the weekend with the Fibonacci extension analysis.

$DJIA(.DJI)$ was also presented during the weekend, showing perfect rejection at $39,835; a resistance anticipated since January🎯

$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2406(ESmain)$ $GLOBAL X DOW 30® COVERED CALL ETF(DJIA)$

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https://x.com/SmartReversals/status/1796285217201693043

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Comment（4）

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  • feelond
    ·05-31
    The rejection at $39,835 in DJIA is also worth keeping an eye on.
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  • uuunited
    ·05-31
    The rejection at $39,835 for DJIA is also worth noting.
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  • Sarwendah
    ·05-31
    Great article, would you like to share it?
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  • KSR
    ·05-31
    👍
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