S&P 500 INDEX - $SPX
Monthly chart shows continued weakness and selling pressure. The index remains well below all its key moving averages as well as the down trendline in place. No buy signal/pattern evident on this timeframe.
Weekly chart shows the index to be in consolidation/trading range. Index remains well below all its key moving averages and the down trendline in place. The bears managed to close the trading week near the lows, which is not a good sign for the markets. No buy signal/pattern evident on this timeframe.
Daily chart better shows the consolidation/trading range. Index remains below all its key moving averages on this timeframe. The bears managed to take back some of the gains the bulls made the day before. The odds are in favour of a final break lower once the consolidation pattern is complete.
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