SPX Defends 50DMA Again as Friday Gap Quickly Fills
$S&P 500(.SPX)$ : The 50DMA was visited as expected.
This time with a scary gap down that was filled quickly, given once again to the confluence of the 50DMA and the lower Bollinger Band. Notably, this specific technical setup has now occurred for the third time on a Friday.
Reading Price Action is Primal:
Posted on Friday, Nov 7th: “this could be a short lived bounce in the indices (or a short lived top in the $Cboe Volatility Index(VIX)$ ). In any case, this chart suggests to be open minded for green price action in the indices.”
Posted on Saturday, Nov 9th: “the beginning of next week could be green IF the price action from Friday is validated as bullish considering the hammer in that timeframe that bounced from the 50DMA.”
Posted on Wednesday, Nov 12th: “the current rally was essentially limited to Monday morning’s session, leaving gaps at $6,730 for the SPX and $609.9 for $QQQ. At this stage of the bull market, it is very likely those gaps will be filled”
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