SPX showed some weakness today by rejecting 6000. Yesterday we spoke about how there was a potential recovery rally underway given how price action quickly recovered from the lower end of the expected range. However, today we saw us reach near the mid-point of the expected range and fade away once again.

SPX has now posted 5 red candles in a row, which is a pretty rare occurrence. However, we are still in the lower half of the expected range and seem to still be trending slightly down. It is possible that this downside pressure continues.

6000 being rejected today shows just how strong the downside momentum is. The trend of selling the rally still seems to be holding true. The only bullish part of today is that we did not make a new low or breach the expected move to the downside. We seem to have found support for the time being.

Breaking into this grey box or lower could be extremely bearish if there is not a sharp reversal.

NVDA continued to ping-pong around the two grey boxes today and is trading slightly lower after earnings.

If NVDA continues to break down, it could put pressure on the rest of the market. 130 is still a critical level and breaking below 125 could be extremely bearish.

TSLA continues its descent into the abyss, breaking below 290 briefly today. The trend is very bearish in TSLA and will remain so until we break back over 360.

The next target is the grey box, and I have a feeling we get there before seeing any meaningful bounce.

GOOGL also continues to slip lower, breaking below the target of 175. The expectation was always for GOOGL to decline but find possible support around 175.

However, GOOGL fell as low as 171 today and seems to be heading towards the last major swing low in the mid 160s.

AAPL continues the trend of doing the opposite of what SPX and NDX do. The last week or so, AAPL has been rallying while SPX and NDX fall. Today, SPX and NDX were slightly green and AAPL was red.

250 seems to be a major resistance for AAPL. Breaking back into the low 230s or below could be bearish, but for now AAPL seems to be in a neutral zone.

Overall, the market is still showing weakness, and every rally is being sold or quickly fading away. As long as this is the trend, we can assume downside pressure on every up move. 6000 and 6013 are still major resistance points, while 5900 is the major support point.

We are approaching the tail end of the week and are still in the lower half of the expected range. If we do retest the lows, watch for how the price action reacts to 5900. If there is extreme weakness, we could be setting up for a larger than 1 standard deviation move.

Good luck!