SPX current uptrend suggests a shift in momentum
$S&P 500(.SPX)$ - The recent indecisive candle at the top of the current uptrend suggests a shift in momentum.
As posted yesterday, the setup still points to a healthy pullback toward the 20DMA. The price attempted to reach that level today, but the essential level to watch this week ($6,555) held with impressive precision.
However, it could be breached tomorrow, initiating a healthy reset. A pullback often comes the day after a FOMC announcement, and there's no reason to expect a different outcome this time.
The $Cboe Volatility Index(VIX)$ retraced, but it's still above 15.
A chart of the S&P 500 index (SPX) showing daily price movements from June to September. Candlestick patterns in red and green indicate price changes, with a blue line for the 20-day moving average (20 MA) and red lines for upper and lower Bollinger Bands. Green and red arrows highlight specific price points, and text overlays show price levels like $6,555 and $6,050. A watermark with "SmartReversals" is visible.
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