SPX Confirms Bearish Reversal After False Breakout
After forming a bearish SMT divergence at all-time highs, $S&P 500(.SPX)$ confirmed weakness by closing below the last bullish delivery candle from the FOMC rally — a bearish CISD.
Yesterday’s move now looks like a false breakout, with price producing a bearish 5-wave decline from the high.
If this continues, I expect today’s low to get crossed with downside risk extending toward a 50-DMA retest, and confirmation accelerating on a close below 6715 (Daily FVG).
This sets the stage for a sharper leg lower into the 6400–6350 zone.
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