NFP Fades, $SPX Still Faces 200-DMA Rejection Risk Ahead of CPI
NFP was a dud.
Monday still could give us the 200-DMA rejection — that door isn't closed.
$S&P 500(.SPX)$ $E-mini S&P 500 - main 2606(ESmain)$
But a quiet day on Monday puts CPI Friday on deck as the catalyst for the next wave down.
Corrections don't always fall clean.
The largest ones make you wait — building energy for the next move.
My projection reflects that.
As I wrote yesterday:
SPX pulled back to the bullish Daily FVG at 6554–6427 and bounced sharply — as warned.
Price is set for a push into the 200-DMA near 6650 to complete the correction.
Then the next wave down begins.
NFP drops tomorrow with markets closed.
Monday re-open could be the catalyst if we pop.
If $ES closes below its Daily FVG (6481), the wave down triggers early.
Either way — this rally gets SOLD.
6178 is still the destination.
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