Jul. 23 at 7:23 PM
$SPY >> Daily Chart >>
Bearish gap down open below EMAs 4,8,13, the middle Bollinger band and the 50 SMA / also closed below the ascending & descending support lines
if they turn into resistance it would confirm the start of a new downtrend
The lower Bollinger band at 732.79 is the key level to hold / breaking below would put the top of the filled gap at 725 on deck
Fast STO is hitting the previous bounce zone as well as RSI / on recent pullbacks
$SPY bounced off this zone on these indicators / -DI is close to the level of previous bounces
MACD 12,26,9 bear crossed and PSAR is close to a bear flip
this is a crucial zone for the bulls to defend / failing to do so would be a red flag signaling more downside risk
$SPX $ES_F $VIXX $VXX