S&P500 Potential 4HMA50 rejection. Resistance & Support in focus

CME_MINI:ES1!   S&P 500 E-mini Futures
On this analysis we diverge from our usual long-term outlook and instead we look at the (short-term) 4H time-frame where the 4H MA50 (green trend-line) is in focus. S&P500 (SPX) broke below it since yesterday and not only has it failed to recover it but so far has a clear rejection.

As long as we trade below it, the first target will be the 3915 Support where a closing (1D) below it, sets course for the 1D MA50 (blue trend-line), which is the ultimate Support level of uptrends. A complete Bearish Cross (currently very close to) on the 1D MACD , will largely confirm that view.

On the other hand, a break above the 1D MA200 ( orange trend-line), would be a bullish break-out signal and would target the 1W MA50 (red trend-line) and Resistance 1 at 4175 in extension.


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