$SPX - The Previous Pullbacks Have Bounced From
$S&P 500(.SPX)$ - The Previous Pullbacks Have Bounced From:
🔵20DMA, in the volume shelf "B"
🟣50DMA, on its way to the shelf "B"
🟢Lower Bollinger Band, at the shelf "C"
Will this time be different and the Volume Shelf "A" will come to the rescue? The $Cboe Volatility Index(VIX)$ jumping +8% today says "No", despite of the daily candle.
It's worth noting that the recent pullbacks have reached oversold levels relative to the Stochastic, adding references to a deeper pullback thesis.
The market is an algorithmic machine, Some are worry, some have cash ready to load longs.
$562 will be a tough one to cross, but seasonality and pre-presidential elections days suggest it will be crossed.
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https://twitter.com/SmartReversals/status/1841936140045320588
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