Despite a powering opening to the year on the S&P 500 (SPX), the SPX failed to break above the resistance level at the March 2022 high. This was followed by a reversal in the MACD* (12, 26, 9), marking the first bearish signal since November 2022. Additionally, SPX has printed lower highs, indicating a potential bear market ahead. If SPX loses ground, it is probable that it will plunge to the support level of 200 EMA in the short term.
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