SPX: The loss of the 5DMA suggested a visit to the 10DMA
$S&P 500(.SPX)$ : the loss of the 5DMA suggested a visit to the 10DMA, which is precisely what happened today. The bearish Stochastic crossover is gaining momentum and the candle suggests continuation which if happens could led the price to the 50DMA zone.
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As mentioned yesterday, The price has closed below the 5 DMA and a bearish stochastic crossover has occurred. While these are minor events for now, they are worth watching. Usually a loss of a short-term moving average sends the price down to test the next one, which in this case is the 10DMA, currently at $6,402.
The muted price action was symmetric since market breadth was also flat for the day. The pullback thesis continues in play until proven otherwise.
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