SPX rally is CORRECTIVE
$S&P 500(.SPX)$ failed to close above 5386 avoiding a bullish inversion on the Daily and making it clear this rally is CORRECTIVE.
This keeps the bearish triangle potential intact suggesting further coiling before the breakdown to 4600-4400 - favored with a Daily close below 5277.
However, we could just modestly cross the 5485 high to then begin the next wave down - technically there is upside potential to 5685-5750, though that is optimistic as the low 5500s is stiff resistance.
Overall, today's price action made it even more clear that the rally is corrective and it is just a matter of time before the next major leg lower begins.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2506(ESmain)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2506(NQmain)$
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