SPX Daily Chart - Decline quickly bought recovering the 10DMA
$S&P 500(.SPX)$ The shooting star has not been invalidated yet, but as long as big tech keep soaring this market will remain in buy the dip mode and very risky to short.
Breadth continued deteriorating today, which is consistent with tech driving the market. The SPX equal weight index fell 0.81% while SPX gained 0.27%.
Some tech equities had weak performance but $TSLA continues validating long timeframes setups and $Microsoft(MSFT)$ $Apple(AAPL)$ $Amazon.com(AMZN)$ roared.
July is a bullish month, so this week will be key to validate or invalidate topping setups brewing since mid June.
I’m on vacation enjoying family time, will be back next week as usual. I may not respond questions these days.
Trade safe, monitor key indicators.
(Check the Bollinger bands in 4H timeframe. Squeeze in formation).
$Cboe Volatility Index(VIX)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $SPDR S&P 500 ETF Trust(SPY)$
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