SPX - Is the Corrective Bounce Invalidated?

SmartReversals
04-19

During the week that just ended, the expected bounce started on Monday AM, however, with a gap up, which in volatile markets like this one is risky considering the chances of a rapid fill, which happened during that same day.

The $S&P 500(.SPX)$ managed to stay above its central level, actually $5,226 was the precise level from where the price bounced on Wednesday, as $521 for $SPDR S&P 500 ETF Trust(SPY)$ , $182.7 for $iShares Russell 2000 ETF(IWM)$ , $441.5 for $Invesco QQQ(QQQ)$ , and $18,155 for $NASDAQ 100(NDX)$ . Tech provided an example of levels momentarily breached.

The bear market rally or corrected bounce expected didn’t have follow trough, the global trade context doesn’t stop bringing more negative news than positive ones, the setups for the indices and stocks look again weak

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