SPX is making an initial reversal attempt
$S&P 500(.SPX)$ is making an initial reversal attempt, as anticipated in yesterday's note regarding a potential bounce to $5,812.
With the 200 DMA breached, the 5 DMA (grey line), or preferably the $5,628 level, is the key level to watch. A decisive move above it tomorrow would provide clear confirmation of a bounce.
Currently, price action remains weak, so the Bollinger bands curled slightly.
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SPX - RSI is oversold as not seen since September 2022, and the Bollinger band does not stop widening. A Bounce to $5810 at the very least is coming.
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