S&P Daily Chart Analysis

2-23-25

Last Thursday was an implied H1, late in a wedge expecting another leg up, a low probability buy. Bears sell aggressively. Price is in the middle of a tight TR, expect disappointment and failed BOs.

Bulls are stuck at higher prices and will scale in looking to get to BE and entry, so sellers above. Bears that are short will scale in looking for a 2nd leg down.

Weekly chart gives good context for continuation downward.

Expect small continuation, possibly even an inside bar to start the week, pullback, then price to begin a wedge down to test the lower levels of the TR. A breakout above a bad buy signal bar is a magnet and likely to get tested.