Technical is not everything, if you are in that stage where you think that the this indicator showing the signal. So, this will happen, No. Microeconomics and sector correlation plays a very big role in the market and that's why anytime in any ticket There should be a reason behind it in move.
This week was very silent for the market and bad for option buyers (IV was down). To the silent of the Market this week is, US - IRAN final agreement sign in Switzerland that's why Oil hold at near $80 dollar a barrel. Even after the good news from the straight of hormoz and ceasefire.