In the past two months, SPX has been forming a downward trend. The last two times, it rebounded to the 50 day MA and couldn't stay above it.
It touched this important technical resistance level again late this week, however, it formed a hanging man. The RSI also reached 60, the upper limit of a rebound. The bearish reversal got confirmed on Friday after the real body of the hanging man was taken out swiftly. The market began a one way bet thereafter. MA, candle stick and oscillator are all giving sell signals at the same time.
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