SPX at Crossroads:
Bullish Weekly vs. Bearish Daily Signals (Key Support in Focus) The SPX daily chart presents a recurring pattern: price crosses the upper Bollinger Band, then declines to test the 20-day moving average (20DMA). This pattern seems to have completed again.
Mixed Signals:
Bearish Crossover: The recent crossover of the Stochastic suggests caution.
Potential Bounce: However, the latest candle's shape and bounce level hint at a possible bullish reversal
If 20DMA is lost, 5,119 is the next support line to watch.
Weekly Halo: The weekly price action came bullish for this week, with a bullish crossover in ROC that has to be validated as mentioned on Saturday.
Key Support Level: If the 20DMA is breached, the next support to watch is $5,119; very close to the critical $5,110.
https://x.com/SmartReversals/status/1775261885438550232?s=20
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