SP500 – Daily Analysis

SPX spent much of today giving the impression that a bottom might be forming. But despite the heavy drop in oil, the index still ended the session in red. So what about tomorrow? This time, the technical signals are unusually clear. Let’s interpret what they are telling us—and see whether today was the beginning of a bottom or simply another pause before the next move. CANDLES & TA Signal No surprises from the indicator. It continues to push slowly lower, and all previous evaluations remain intact. Four ETFs QQQ and IWM formed bearish continuation candles. QQQ’s was particularly aggressive, although the move also pushed the index into overextended territory. SPY and DIA produced potential reversal signals, but several conditions still need to be met before either can be treated as a confirmed bottom. Overall, SPX and the other major indices are closer to neutral in the short term, with a…