SPX & NVDA are experiencing turbulence below the 200DMA
SPX is experiencing turbulence below the 200 daily moving average, and has two open gaps below.
Given the bearish Stochastic crossover, the first gap is likely to be filled, considering the price action needs a reset. However, the rejection zone is a key concern, as bear market rallies in 2018, and 2022 retraced from this area.
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The previous death crosses in 2022 and 2018 both preceded declines of roughly 50% after the 50-day and 200-day moving averages crossed.
Will this time be different? If the pattern repeats, a 50% drop from the price on the cross day ($120) would target $60. Will the lows be retested and deepened?
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