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.

$SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ $NVIDIA Corp(NVDA)$ $Apple(AAPL)$

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https://x.com/SmartReversals/status/1804273046615650639

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