S&P500 on its 1week MA50. Expect +4600 Xmas rally if it holds.
The S&P500 / US500 hit this week the 1week MA50 after 7 months.
This is a major Support level, considering that it also made contact with the Rising Support of the 2022 market bottom. Also the 1week RSI hit the 12 month Support.
As long as the 1week candles close over this, buy and target 4610 (annual High).
This may be achieved before the end of the year since every rally in the past 2 years, even during the 2022 correction, was very aggressive.
If the index closes a 1week candle under the MA50, we should technically see a test of the MA200. Fair estimate at 4000.
Previous chart:
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This is a major Support level, considering that it also made contact with the Rising Support of the 2022 market bottom. Also the 1week RSI hit the 12 month Support.
As long as the 1week candles close over this, buy and target 4610 (annual High).
This may be achieved before the end of the year since every rally in the past 2 years, even during the 2022 correction, was very aggressive.
If the index closes a 1week candle under the MA50, we should technically see a test of the MA200. Fair estimate at 4000.
Previous chart:
Follow us, like the idea and leave a comment below!!
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