SPX Bounce thesis still on

SmartReversals
04-18

$S&P 500(.SPX)$ : As anticipated yesterday, the $Cboe Volatility Index(VIX)$ declined; however, that was not the case for SP500, but the index managed to stay in the light green.

No surprise, who would close with a big bounce ahead of a long weekend with such uncertainty? Bounce thesis still on.

The lack of conviction in price action is widening again the lower Bollinger band. The potential implication is a delay in the bounce and the risk of lower lows. The oscillator is setting up a bearish reversal as well.

Not a good close for the week, even with a resilient price action despite of $UnitedHealth(UNH)$ $NVIDIA(NVDA)$ $Alphabet(GOOG)$ $Alphabet(GOOGL)$ $Microsoft(MSFT)$.

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