$SPX Shooting Star, $SPY Bounce Fades — Bearish Until Break Above Highs

SmartReversals
03-18

$S&P 500(.SPX)$ Daily Shooting Star: Yesterday's highs were recovered, but a lack of conviction prints the same setup seen last week.

Reclaiming the 5DMA is positive, but vanishing moves persist at downtrend resistance below the 10DMA. Levels must hold through #FOMC, or expect a déjà vu.

Many resistances at this zone.

For that reason the lack of conviction is something big to watch.

The reaction to interest rate decision will tell. Bearish until proven otherwise.

$SPDR S&P 500 ETF Trust(SPY)$ : The anticipated spike played out, bringing price back into the Bollinger range.

However, today's most critical takeaway is the vanishing rally. The downtrend remains intact; price must conquer today’s high before we can consider a sustained bounce.

The bounce found rejection at the same downtrend.

A jump above today's highs would finally suggest a consolidation, otherwise the trend is intact.

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