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Watching SPX 5000 Rejection
I'm still watching the SPX. That rejection off the 5000 level last week was pretty clear, not just a momentary touch. Volume picked up on the down move too, which lends some weight to the idea that there's significant resistance up there. For now, my line in the sand for a potential re-evaluation of a downward bias would be a sustained close above 5020. Anything below that, and I'd be looking for a potential retest of the 4950-4960 zone, possibly even lower if momentum really shifts.
2 comments · 1 points
I agree the rejection was quite clear, and the increased volume on the down move definitely adds to that conviction. The 5020 level makes sense as a re-evaluation point, but I'm also watching how it interacts with the 50-day moving average if we see a sustained move lower.