$.SPX(.SPX)$ - Bounce from Key Support After Gap Fill
The index filled its gap and bounced from a key (S/R) level.
The immediate downside target from the Weekly Compass has been reached🎯. The current candle suggests a potential bullish reversal and a reset of some oversold indicators.
Whether the decline resumes will depend on price action at the $5880-90 resistance area. A bearish moving average crossover (20 & 50) remains a key factor to watch.
Bullish daily candle on SPX with bearish candles on both DXY and $Cboe Volatility Index(VIX)$ . Unless PPI surprises, market should bounce. $Invesco QQQ(QQQ)$ $iShares Russell 2000 ETF(IWM)$
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