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The target on the 5dma rule is a full retest of the last low at 2042, and most likely a lower low. There is an exception though in rare cases where a triangle is forming, and we may well have that happening here. A daily close back over the 5dma, now in the 2071 area, should confirm the low. SPX daily 5dma chart:
Sorry to obsess over this (and this is more of a comment cleaner than anything else), but I’ve seriously never in my life seen an IPO before like Square. It’s just bizarre. Here’s the daily chart.
I suggest they consider changing the name of the firm to “Line“.
