SPX - All eyes on the 20DMA
$S&P 500(.SPX)$ - Can someone tell me what is the name of this pattern: two fake moves before definite reversal?
The diagonal charted yesterday acted as resistance, the series of lower highs has not even neared the upper Bollinger band, showing weakness in the bounces.
If this pattern continues, a bearish continuation is coming. During the last two weeks the market has tricked investors with some euphorias $Palantir Technologies Inc.(PLTR)$ , while most of the Mags 7 are falling. $Alphabet(GOOG)$ $Alphabet(GOOGL)$ $Amazon.com(AMZN)$ $Apple(AAPL)$ $Microsoft(MSFT)$
All eyes on the 20DMA... or actually in the 20 weekly average.
Image
SPX - Once again, $6041, the level of the week, currently matching the 5 and 10DMA zones.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
- EVBullMusketeer·2025-02-08Thanks for your analysis.LikeReport