SPX Daily Chart: Potential Support Test Amid Bearish Sentiment
$S&P 500(.SPX)$ - Daily Chart:
What was odd this week was the bounce on Monday, because the weekly setups presented in the latest Weekly Compass indicated bearish continuation.
Since a rally on Monday can cause confusion within a bearish weekly setup, I published a special edition that day indicating that $5578 could create pressure and reject price, and that the $Cboe Volatility Index(VIX)$ needed to stay below 15. Neither of these conditions materialized.
Today, price is nearing a potential support level indicated last Saturday (access to publication below chart).
There is a first oscillator oversold in the daily, William%R; that's the fastest one, so odds of a technical bounce tomorrow exist, but the conviction is still bearish.
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https://x.com/SmartReversals/status/1816203391472730295
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