SPX: Indecision Looms After Rally
$S&P 500(.SPX)$ The market paused for breath today, with $5,331 acting as support despite a slight decline in $NVDA.
It's worth noting that the oscillator is currently overbought. Back in November 2023, similar price action after a rally signaled bullish continuation.
However, since March 2024, this pattern has preceded at least a consolidation phase, if not a healthy pullback. Notably, during those instances, the daily price action revisited the 20-day moving average (DMA) after the overbought reading on the weekly oscillators.
If $NVIDIA Corp(NVDA)$ continues its decline and Friday closes red, the indexes could end the week in an indecisive mode.
$SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ $E-mini S&P 500 - main 2406(ESmain)$
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https://x.com/SmartReversals/status/1798814723867365417
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