SPX Faces Resistance After Morning Gain
$S&P 500(.SPX)$ - Daily Chart:
Promising move in the morning, but as of 12:37PM EST, it is vanishing.
The rejection at the 5 and 10DMA sent down the price, and right now it is struggling to conquer 20DMA.
The scenario of an immediate bounce was considered during the weekend, but with lower probabilities than a lower move.
Will the bearish MACD crossover have further validation? or is Williams%R anticipating the validity of this bounce?
For the bull case, I would have liked more a red Monday completing the move, however $NVIDIA Corp(NVDA)$ is trying to recover the Point of Control presented on Thursday, and $Consumer Discretionary Select Sector SPDR Fund(XLY)$ + $Financial Select Sector SPDR Fund(XLF)$ are trying to print a good chart.
Elements to watch including the key S/R level were mentioned during the weekend.
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https://x.com/SmartReversals/status/1815427933789471073
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