S&P 500: 7 Reversal Patterns Taking Hold Ahead of Key CPI Report

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Market Overview Analysis by Michael Kramer covering: Nasdaq 100, S&P 500, Apple Inc, NVIDIA Corporation. Read Michael Kramer's latest article on Investing.com

and the shorter duration measures of volatility were down, too. You rarely see the VIX down and the S&P 500 down on the same day, but that is what happened.The index did nothing and traded sideways throughout the day, showing no ability to rise despite the move lower in implied volatility. This is not something we see very often, and it suggests the market could have been weaker if not for the move down in implied volatility.

However, if the pattern is correct and completed, I expect the NASDAQ to begin to fall more aggressively from this point forward. The longer it stalls out at its current level, the more likely the diamond pattern is incorrect.did break out yesterday, rising above 4.75% to close at 4.79%, which seems pretty clean.

The stock has given back all of the gains it saw off the October lows, and a break of support around $167 would probably set the stock up to drop another $31 to fall back to $136, given the potential double-top pattern.) has been to the index. Nvidia is currently contending with its own double top and a giant gap at $680 that needs to be filled at some point.

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