SPX - Testing 5-DMA with Doji Candle
$S&P 500(.SPX)$ closed the week in an intriguing position, hovering near the key 5-DMA support level. The price action formed a doji candlestick at the intersection of the very short-term trendline.
While this doji can be interpreted as a potential reversal signal, it's important to note it doesn't necessarily negate the prior bearish engulfing candlestick pattern.
Given the recent overbought conditions, the odds favor a bearish continuation over a bullish bounce in the near term.
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https://x.com/SmartReversals/status/1804273046615650639
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