$SPX Loses 20D & 50D Support, Bearish Momentum Builds
$S&P 500(.SPX)$
The tech selloff has pushed the index below its 20 and 50 daily moving averages.
Considering the bearish crossover in the oscillator, this suggests further declines ahead.
The previous two bounces occurred with a more reset oscillator, which is not the case today.
The 20 daily moving average was breached and the oscillator is falling from overbought conditions, with a lot of space before getting oversold.
Losing this moving average is usually concerning.
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