My analysis shows that SPX is slowly pushing for new highs considering overbought conditions and lower liquidity in the market. We must see a break and Daily close above $5265 for a bullish confirmation to the upside. This current weak price action is what's reflecting weakness and low conviction to the upside for BITCOIN as BTC mirror's its movement from SPX for the most part.
A break and close below $5180 will be a bearish signal and bring sell pressure for SPX, we must also be aware of the MAC D Bearish divergence which confirms a bearish bias for SPX. Let's keep an eye 🧐 on the red circle which shows us the current price action and see where this goes, I will update as needed.
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