$SPX Bounce Rejected by the 20DMA Curling Down
$.SPX(.SPX)$ Bounce Rejected by the 20DMA Curling Down: The expected bounce in the index left a new gap and a shooting star.
Price action will determine whether this is an early warning sign or the precursor to an immediate decline (see circled examples). For safer long entries, the $5985 level must be overcome; below this level, long positions are risky, and the gap could act as a magnet.
Again, a bounce was expected, but also a decline afterwards. $Invesco QQQ(QQQ)$ and $iShares Russell 2000 ETF(IWM)$ previously posted bring more context... will tech come to the rescue?
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- KSR·2025-01-08👍LikeReport