SPX - The price continues to hold above the 5DMA
$S&P 500(.SPX)$ : Today's small retrace is a logical consequence of the recent breach of the upper Bollinger Band, an overbought RSI oscillator, and a gap opened in overheated conditions.
From a trend perspective, nothing has happened; the price continues to hold above the 5DMA, which confirms the positive short-term momentum.
The last time the RSI was this overbought, the subsequent pullback found support at the 20DMA, which is currently at $6,085.
If the $Cboe Volatility Index(VIX)$ stays below 18, bullish continuation is likely for the index, but a visit to the 20DMA would be healthier than this move.
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