SPX Weak, VIX Rejected — Key Test Ahead
$S&P 500(.SPX)$ and McClellan Oscillator: The price action for the index remains weak, and the McClellan Oscillator is still below the zero line.
This combination represents a critical condition for those who track the Hindenburg Omen signal.
Bulls want this condition to reverse quickly to mitigate further downside risk.
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SPX and market update: Price action looks weak but the $Cboe Volatility Index(VIX)$ was rejected from the key level mentioned to subs, the percentage of stocks above their 20DMA breached the 30% level and bounced, the $NASDAQ 100(NDX)$ recovered its central level.
$Amazon.com(AMZN)$ : The red candle from Friday that suggested a gap fill had bullish continuation instead, printing a shooting star with a gap; the RSI crossed 70. A healthy consolidation is likely and needed.
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