SPX - That was a quick consolidation
$S&P 500(.SPX)$ After two days of sluggish price action, the index resolved upwards. Notably, yesterday's oscillator reading differed from previous consolidations. It wasn't overbought and even signaled a bullish crossover.
While price itself offered limited directional clues yesterday, the key bearish trigger of $5260 remained untested today.
This market environment is not conducive to shorting. Price is currently in a discovery phase, with the volume base widening. It's worth highlighting the strength of this base, which starts at $5000 – a strong support level.
Yes, forget about $4850; this volume base will be a launchpad sooner or later.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2406(ESmain)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2406(NQmain)$ $iShares Russell 2000 ETF(IWM)$
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https://x.com/SmartReversals/status/1798452004131398121
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