SPX - Second Indecision Candle with Bearish Look

SmartReversals
05-06

$S&P 500(.SPX)$ - Second Indecision Candle with Bearish Look: Previous dojis like this one have preceded pullbacks, and the overbought oscillator adds references for a healthy decline.

  • Bad factor: Price action is below the 200DMA

  • Good factor: The 20DMA is in support mode and trending up.

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SPX is experiencing turbulence below the 200 daily moving average, and has two open gaps below. Given the bearish Stochastic crossover, the first gap is likely to be filled, considering the price action needs a reset.

However, the rejection zone is a key concern, as bear market rallies in 2018, and 2022 retraced from this area.

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