The S&P 500 moved into a Recovery Phase with the close above the 50-day MA. The first pull up in a bear market usually meets with failure. The S&P 500 had a Recovery Phase Failure when it closed back below the 50-day MA.
The close back below the 50-day MA caused SPX to revert back into the Bearish Phase and TRIGGERED a Bull Fake Setup. A Bull Fake Setup occurs when prices are in a Bearish Phase and pull back up to test the 50-day MA and close above it. A close below the 50-day MA TRIGGERs the Bull Fake Sell Signal. The close back below the 50 MA caused the bearish Rising Wedge to breakdown and for the Awesome Oscillator bars to turn back to red. The Bearish Phase should now resume.
I don’t actually understand at all what your trying to say, the drop yesterday was a bear trap you mean?
The_Chart_Pattern_Trader
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@MoazzamKhawar56955, The close below the 50 period MA triggered a sell signal. If prices push back above the 50 again, they need to clear the 61.8 fib in order to continue higher. If it stays below the 50 MA, the downtrend should resume. So far we have rejection at the 50 MA.