SPX: Recent gap-ups have been quick to fill
$S&P 500(.SPX)$ : Recent gap-ups have been quick to fill, and today's open at the upper Bollinger Band led to a swift retreat to the 20DMA. This type of retracement is usually followed by weakness as highlighted by the arrows.
Tech came to the rescue, led by $Broadcom(AVGO)$ $Alphabet(GOOG)$ $Alphabet(GOOGL)$ $Oracle(ORCL)$ $Tesla Motors(TSLA)$. However, the first two will return to their Bollinger ranges, while the others still have price gaps to fill.
Meanwhile, the financial sector's significant weakness is a concern, as is the bearish RSI divergence.
Patience.
A chart displaying the S&P 500 daily performance with candlestick patterns, Bollinger Bands, and a 20-day moving average. Arrows highlight specific price movements. A heatmap below shows stock performances for companies like NVIDIA, Apple, Amazon, Tesla, Broadcom, Alphabet, Oracle, and others, with percentage changes in green and red. A watermark reading "S/R SmartReversals" is visible.
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