SPX Daily - Reversal or Retest?
$S&P 500(.SPX)$ While a technical bounce or muted session was a chance for today, the possibility for a decline resuming next week remained.
However, the outcome surpassed expectations, suggesting a potential bullish reversal. The price action bounced decisively at the 50DMA zone. My post at 1:30PM anticipated the bounce after a very ugly morning. Price surged 1,15% after the post.
The reclaim of $5215 is a positive sign, but caution is still warranted. The bearish MACD crossover, as analyzed in other charts and the Weekly Compass, can sometimes precede temporary price spikes before the new trend resumes.
Other element to be cautious about is the weekly chart, let me know you're interested in an update here reposting this chart.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2406(ESmain)$ $Invesco QQQ(QQQ)$ $NVIDIA Corp(NVDA)$ $Apple(AAPL)$
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https://x.com/SmartReversals/status/1796636962700341417
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