TradingShot

S&P500 Time to break above the Stimulus-Elections Triangle?

Long
FOREXCOM:SPXUSD   US SP 500 CFD
Since the September 03 Top (All Time High), S&P500 has entered a volatile pattern in the form of a Triangle. The major drivers of this weakness have fundamentally been the U.S. stimulus being delayed and then the elections.

Today the Lower Highs trend-line of this Triangle is being tested. If broken, I expect the 3590 Resistance to be tested, with an extension to the 1.236 Fibonacci at 3620 as it happened with the July 23 extension.

The reason I give more probabilities to an upward break-out from the Triangle is the fact that the MACD on the 1D time-frame has (just) formed a Bullish Cross much earlier than the previous time, something that may accumulate buyers. Also the RSI has broken above its Lower Highs trend-line already, something that was a bullish signal 1 year back. On top of that the MA30 just crossed above the MA50 which on a one month horizon at least, has historically been a bullish signal (we have to go years back to see immediate selling after a 1D MA30/50 Bullish Cross.


Most recent trade on S&P500:



** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

--------------------------------------------------------------------------------------------------------

!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!

πŸŽ‰ πŸ‘ Shout-out to TradingShot's πŸ’° top TradingView Coin donor πŸ’° this week ==> didogetsov

--------------------------------------------------------------------------------------------------------
Join Tradingshot's Account Management program!!
πŸ’²πŸ’²πŸ’°πŸ’°πŸš€πŸš€
-At least +20% monthly profit on +10000 USD accounts. Max 30% drawdown.
-Message me for more info!

I trade on the best platform PRIME XBT!

REGISTER HERE --> https://primexbt.com?signup=139341

Comments

puump it
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out