This is a major confirmation signal for related markets and industries... A massive breakdown happening on the FDX chart supports the end of the bullish trend.
This weekly session pushed below EMA10 and EMA21 in one go, producing the highest selling pressure since September 2022 which was the worst week in many years.
âž– The first or immediate target is around 215-210. âž– The RSI is already below 50 and the volume is just too great, so it might go much lower in the medium to long-term.
Maybe this is a warning signal of what is coming to the SPX. I am not very familiar with these stocks but the chart says bearish, prepare accordingly.