SPX short-lived bounce, but it failed to reach the 20DMA
Over the weekend, I highlighted a potential false piercing pattern in the $Invesco QQQ(QQQ)$ and $NVIDIA(NVDA)$ charts, which ultimately proved accurate.
Similarly, I predicted a short-lived bounce in the SPX, but it failed to reach the 20-day moving average, indicating weaker than anticipated momentum. A break below $5812 would target $5670 for March.
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This is from a previous year, if you remember this chart, it means you survived 2022 and you didn't throw the towel and continued trading/investing. ➡️Where are we? A or B?
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The down move is not a surprise, also posted last Saturday:
“Until technicals indicate a shift, the weekly chart maintains its bearish stance. “
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