Technical Reset was Due (Patreon)

$SPX opened this morning at ATHs 5341 after blockbuster $NVDA earnings report. While $NVDA climbed, the market was headed in the wrong direction as we saw most tech names selling off including $AAPL $AMD $AMZN $GOOG.

Couple of things going on here:

1) Investors, Funds, Street taking profit from the recent leg up from 5000 level beginning of the month. 2) Now that the major earnings are out, profit taking + a good time to reset some technicals.

$SPY 4 hour sto was running hot all month long and daily STO may need to cool off as well.

We're looking to see if 523/524 area holds or wick through. This is the prior ATH's spot before market went below 500 but eventually broke this resistance. If this could build a solid report, we should move back up. There's a daily gap at 523.85 as well.

If this level doesn't hold 515 is in the realm of possibility. But all of this is a good thing. Creates opportunities for exposure for June. :)