SPX had pretty interesting price action today. In yesterday’s post, I talked about 6131.09 being the 1.5 standard deviation move, and the high today was 6128.18. We came just within a hairline of touching the target and then very quickly reversed down.

A few interesting things to note, beginning with the hourly chart. As we can see, the sharp reversal down took us to the top of the grey box we’ve been following all week. The top of that box also happens to coincide with the upper end of the expected move at 6086. The low today was 6088.

I also spoke about how 6100 was a key level that the bulls had to hold in order to keep the upside momentum. That level broke pretty easily, but right before the close we rallied back up and closed essentially right at that level. SPX closed at 6101.24. The fight for 6100 continues.

The 30-minute chart gives a little bit more information on the price action for today. We gapped up to a new high and followed it by a pretty consistent march of red candles all day. The bulls somehow managed to take back 6100 right at the close. However, we can see the bearish cross-over between the 5 and 20 MA (pink and blue lines).

Diving even further into the 5-minute chart, we see that all day we were trapped in a descending wedge and broke out at the very end.

Short term MACD and RSI are pointing in a positive direction, so it will be up to the bulls to keep this momentum going.

Moving onto NVDA, we failed to hit 150 on the rally and sharply reversed down before getting all the way to the top of the range we have been monitoring.

If NVDA continues to break down, I expect us to get close to the bottom of the range around 130. It will be important to see how NVDA does on Monday. If we continue lower, I think the up move is over. If we recover back, then I expect us to test the all-time highs.

No honorable mention chart today, I will cover those during the weekend update followed by the new weekly expected move post this weekend.

Next week has a lot of big events in the market, so there will be a lot to cover.

Stay tuned!