SPX - The Anticipated Consolidation Persists
$S&P 500(.SPX)$ The anticipated consolidation continues, with today's price action setting a lower high and a higher low. However, the price remains above the 20-day moving average.
It's worth noting that in four out of the last five instances, a narrow price range preceded a decline as pointed out in yellow.
One difference from past consolidations: the oscillator is not currently in overbought territory, also as highlighted.
Interestingly, the support level mentioned before has held, and it coincides with the 20DMA. A break below this moving average, which acts as a line in the sand, would be a strong confirmation of further declines.
Is the market waiting for the $NVIDIA Corp(NVDA)$ split?
$DJIA(.DJI)$ remains below it 50DMA.
$SPDR S&P 500 ETF Trust(SPY)$ $GLOBAL X DOW 30® COVERED CALL ETF(DJIA)$
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https://x.com/SmartReversals/status/1798091891864432659
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