The way I see.
The S&P broke over the 50 but failed at price resistance.
It's still early.
I wouldn't get Bullish for a short term squeeze unless I saw strong green candles with a break out over 3940.
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Same question bc on my 30m chart 50sma is no where near price (398 area on 30m 10 day). Wondering time frame you are referring to here?