The SPX daily RSI 5 closed the day over 60 yesterday so the bears now get a shot at turning this round at strong resistance in the 1948-56 range. History still isn’t encouraging for that, as only two of the last seventeen of these buy signals back to 2007 failed in this area, but it could happen. A reversal here might still just be a retracement however and would not necessarily lead to new lows. SPX daily vs NYMO and RSI 5:
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