$SPX Daily: Key Levels & Indicators Before NFP
$S&P 500(.SPX)$ - Daily Chart
Third day in a row for the 50DMA acting as support.
The bearish MACD crossover is confirmed⚠️, but also the bullish one between 20 and 50DMA✅.
Williams%R suggests a bounce is possible from oversold levelsℹ️.
There is no doubt the market is looking forward to Non Farm Payrolls to continue or reverse direction.
To consider a valid bounce (in case of a bullish reaction), $5529 has to be recovered by the close.
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Nowadays, SPX is more sensitive to Non farm payrolls data than to CPI according to this chart.
A positive reading of NFP would be a good reference for the post rate cut move in the market, which as posted before it looks imminent.
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If the non farm payrolls rise as BoFa expects, that would be good for the economy and for the post-rate cut outlook.
I illustrated more than 10 indicators that can help to understand what to expect in SPX after the FED decision. Check them out!
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