Long

S&P500 Channel Down broken. Will the 4H MA50 sustain an uptrend?

The S&P500 index (SPX) broke above both its 1-month Channel Down and 4H MA50 (blue trend-line) yesterday and more importantly is so far keeping the price action sideways above it.

This is an indication that it may flip it from previously a Resistance, into Support. The signal for this bullish trend reversal came first (and a very timely one) by the 4H RSI, which formed Higher Lows against the price's Lower Lows on March 13, a clear Bullish Divergence. That turned out to be the bottom.

Now that bullish break-out has been confirmed, we expect a quick test of the 4H MA200 (orange trend-line) on the 0.618 Fibonacci retracement level. Our short-term Target is 5900.

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