$SPX Tests 7,299 Resistance as $IWM Shows Early Momentum Weakness
SPX is approaching key resistance at 7,299 while showing early divergence signals. IWM remains bullish but is starting to show initial momentum weakness, though trend structure is still intact.
1. $S&P 500(.SPX)$
Don't fight the trend until key levels are breached. The recent indecisive candle is suggesting to be an early signal as the Stochastic divergence continues to extend.
It is a matter of when, not if. Next major resistance: $7,299, the "Tom Lee Warning Zone".
2. $iShares Russell 2000 ETF(IWM)$
Bullish until proven otherwise by the loss of key levels. In the meantime, watch the emerging bearish MACD cross.
This signal preceded minor consolidations (A & B) and one deeper pullback (C). Current support at the volume shelf suggests a scenario similar to A or B.
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