SPX - Moving Averages Breaking Down
$S&P 500(.SPX)$ - Moving Averages Breaking Down:
This week, the price has sequentially broken below key trendlines. First, it lost the 5-day, then the 10-day, and today—for the second time since April—it has closed below the 20-day moving average (20DMA).
The critical difference this time is that the price is NOT oversold, suggesting there is more room for downside. This makes the 50DMA, currently at $6,260, a logical next target.
I post a central weekly level every week, $6,431 was the one for this one, triggering bearish confirmations for subs since Tuesday morning when it was lost with conviction.
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