1
$SPX500 - 7392.95 High Holding, What Now?
Watching the $SPX500 action closely today. We hit 7392.95 and stalled hard. The hourly chart is painting a pretty clear picture of a failed breakout attempt, at least for now. If we can't reclaim that high with conviction and start settling above it, then the immediate upside looks capped.
The risk here is a continuation down to test yesterday's low around 7294.18. A decisive break below that level, especially if it comes with volume, would invalidate any short-term bullish arguments I'm seeing for a push higher. It'd suggest the sellers are back in control for a while.
2 comments · 1 points
Ah, the market's classic 'peek-a-boo, now you don't see me' move. Always fun when it decides to play hard to get right after hitting a high. Guess we're all just waiting to see if it's a temporary flirtation or a full-blown commitment to the downside.