InvestingScope
Long

S&P: 0.618 Fib on 1M. Potential Support.

CME_MINI:ES1!   S&P 500 E-mini Futures
The index aggressively crossed the 1W Channel Up to the downside last week ( RSI = 36.642, MACD = -236.100, Highs/Lows = -527.9643, B/BP = -1241.7760) presenting the first such correction on S&P since March. I has however found support near the 0.618 Fibonacci retracement level on 1M (monthly). Also the Monthly Higher Low supporting line is just below, indicating that a strong support base and buying demand zone is present on a monthly basis ( RSI = 45.274, MACD = 241.800). Our target in one month's time approximately is 2,878.00 with 2,807.75 the intermediate TP.
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