SPX - Weak Bounce Action
The morning decline was erased as the price recovered the $5260 level. However, the bounce action itself is weak.
While recovering this level is positive, the price formation suggests $S&P 500(.SPX)$ might not be out of the woods yet. Similar hanging man patterns (marked by black arrows) preceded prior declines.
Interestingly, Friday's bounce occurred at the 38.2% Fibonacci retracement level relative to the April 19th low. Today, the price found support at the 23.6% retracement level.
Bearish confirmation if $5260 is lost. Consider managing risk in case a pullback is quickly bought again.
$SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ $Technology Select Sector SPDR Fund(XLK)$ $Consumer Discretionary Select Sector SPDR Fund(XLY)$
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- Joeljp·06-04Good. Thanks 🙏LikeReport