$SPX Weak Close With $VIX Falling and Gap Fill Levels Acting as Magnets

The $S&P 500(.SPX)$ failed to hold above $6,392 today the key level mentioned in the Weekly Compass, and losing that level opened the door for a decline to the next daily support at $6,331. Despite this, oversold conditions remain extremely overstretched, with price sitting below the Bollinger Bands in several timeframes, suggesting a spike could occur at any moment.

It is worth noting that the $Cboe Volatility Index(VIX)$ declined today even as indices closed in the red; this divergence often serves as an early warning of an imminent squeeze. In high-volatility environments, our daily levels are essential for navigating these wide weekly ranges. The VIX closed today at 30.

From the securities posted in this morning’s chat, $Meta Platforms, Inc.(META)$ successfully reclaimed $529, setting the stage for a potential recovery. Looking toward tomorrow, the SPX has a gap at $6,473.8 (which should act as a magnet), and the $Invesco QQQ(QQQ)$ has one at $573.8.

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$SPX Weak Close With $VIX Falling and Gap Fill Levels Acting as Magnets

For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

Find out more here.

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