Was the SPX break of Daily 50 MA a false breakdown?

Was the SPX break of Daily 50 MA a false breakdown?

We will know for sure shortly, but I do not think so. Why? Because there are many bearish signals. and also, have a look at XLF, which broke its 50 MA on 10/26 before spx broke its 50 MA. And what happened yesterday in XLF? It moved up to test its 50 MA, nearly reaching it but falling short. Therefore, I consider this a valid break of the SPX 50 MA, with a valid break of the XLF 50MA and a backtest of the XLF 50 MA that has held thus far. This is now 4 days that XLF is under its 50 MA. Financials led the rally up, they will be the first to lead it down.

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