SPX Shows Bearish Signals with Potential Short-Term Pullback
$S&P 500(.SPX)$ - Daily:
Recent occurrences of bearish engulfing candles have had a short lived bounce before resuming the decline.
Since the 5DMA is still below the candle, the very short term trend has not been breached (incredible).
Probabilities favor that finally a pullback may have started, this time in overextended conditions.
$Cboe Volatility Index(VIX)$ and Bollinger bands suggested this move could come.
Subs: Check the triggers mentioned during the weekend.
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https://x.com/SmartReversals/status/1811497811248042287
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