S&P $SPX Technical review

As shown on the $SPX daily chart, recently the lower band and the 50MA (purple dotted line) has been a strong support for the $SPX, actually it has been the "bounce off" area. And to me, that is going to be the case once again.

Key indicators to monitor closely , specially after what we saw last week in terms of breadth, are: the McClellan Oscillator, the % of stock above their 50MA and the advance/decline line. We need to see breadth improving rapidly.

We could see a combination of elements triggering a rally, and as of today I'm thinking about: Strong $NVDA earnings, Gov reopening, QT ending (already announced) and a last one increasing odds for another rate cut in December.

As i said before, my target for the $SPX is 7,050.