$SPX:Bearish technical indicators are accumulating:S&P 500 IndexCBOE_DLY:SPXOLIV2020SPX: Bearish technical indicators are accumulating: 1) A sell signal on the MACD. 2) The RSI14 is at 42. 3) There has been a break below the 10, 20, and 50-period simple moving averages. 4) There is an inability to break above the horizontal resistance at 6765. It is evident that the bullish momentum that followed the extremely bearish candlestick on October 10th has stalled, resulting in sideways trading with a slight downward trend. However, there is no immediate cause for concern since an underlying pressure is currently halting the decline. At this point, we could expect a bullish flag pattern to emerge, which will be confirmed by the market's reaction to NVDA's results next Wednesday. The lower limit of the anticipated flag aligns with a 1x1 extension for wave (C). If the situation worsens and the flag is broken, it may transform into a zig-zag pattern, with extension targets for wave (C) indicated on the chart. Consider viewing this as an opportunity to enter a long position.