While everyone, even the taxi driver, was celebrating NVDA's positive earnings report, the 
SPX suddenly reversed. After touching the 20-day simple moving average, it dropped sharply with no buyers stepping in. With a 3.5% swing between the intraday high and low, the SPX closed slightly below the horizontal support level at 6,550 and the 100-day moving average.
It's unfortunate that the right shoulder is missing, as it would otherwise form a perfect head and shoulders pattern—though it might be more accurately described as the head of a one-armed head and shoulders. Jokes aside, the technical outlook for theSPX has significantly deteriorated. The market's bullish sentiment has evaporated, making it more challenging to establish a bottom.
If the S&P 500 doesn’t recover and consolidate support around 6,550 by Friday—an extremely important level that also aligns with the 1:1 extension below—we could face an “Air Pocket” of approximately 175 points. Within this Air Pocket area, we have extensions at 1.382, 1.5, and 1.618. The 14-period RSI is approaching oversold conditions, but it's not quite there yet.
SPX suddenly reversed. After touching the 20-day simple moving average, it dropped sharply with no buyers stepping in. With a 3.5% swing between the intraday high and low, the SPX closed slightly below the horizontal support level at 6,550 and the 100-day moving average. It's unfortunate that the right shoulder is missing, as it would otherwise form a perfect head and shoulders pattern—though it might be more accurately described as the head of a one-armed head and shoulders. Jokes aside, the technical outlook for the
SPX has significantly deteriorated. The market's bullish sentiment has evaporated, making it more challenging to establish a bottom. If the S&P 500 doesn’t recover and consolidate support around 6,550 by Friday—an extremely important level that also aligns with the 1:1 extension below—we could face an “Air Pocket” of approximately 175 points. Within this Air Pocket area, we have extensions at 1.382, 1.5, and 1.618. The 14-period RSI is approaching oversold conditions, but it's not quite there yet.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.