S&P500: Rejected on 2month Resistance.
The S&P500 index got rejected on Friday marginally under the R1 Zone (4,100 - 4,140) and is pullig-back having turned the 4H time frame neutral (RSI = 54.304, MACD = 15.240, ADX = 18.708). As we discussed previously, we are following the December fractal for direction. There was a Double Top rejection on R1 during December and when it broke under the 4H MA200, the price visited the S1 Zone.
Consequently, a potential crossing under the 4H MA200 will be a bearish signal (TP = 3,800) and a crossing above 4,150 (R1 top) will be a bullish signal (TP = 4,330).
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Consequently, a potential crossing under the 4H MA200 will be a bearish signal (TP = 3,800) and a crossing above 4,150 (R1 top) will be a bullish signal (TP = 4,330).
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Over 65% accuracy on Private Signals Channel.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.