$SPX - Weak Bounce Action The morning decline was erased as the...

$SPX - Weak Bounce Action

The morning decline was erased as the price recovered the $5260 level. However, the bounce action itself is weak.

While recovering this level is positive, the price formation suggests #SP500 might not be out of the woods yet.

Similar hanging man patterns (marked by black arrows) preceded prior declines.

Interestingly, Friday's bounce occurred at the 38.2% Fibonacci retracement level relative to the April 19th low.

Today, the price found support at the 23.6% retracement level. Bearish confirmation if $5260 is lost.

Consider managing risk in case a pullback is quickly bought again.

https://x.com/SmartReversals/status/1797725278640165323