S&P500 Approaching the most important Bull level

The S&P500 index (SPX) eventually held the bottom (Higher Lows trend-line) of the October Channel Up, as we outlined on our December 29 idea, and it testing today yet again the Lower Highs trend-line since January 04 2022:


That level has only broken once on the December 13 fake-out, same with the 1W MA50 (red trend-line), which is trending parallel to it. With the 4H MA50 and 4H MA200 (blue and orange trend-lines respectively) about to form a Golden Cross, the likelihood of a bullish break-out above the 1W MA50 becomes greater. However, it needs to break above the 4055 Prior Lower High level, which is something it failed to do in September, in order to confirm the extension of the uptrend.

Above that level, we will short-term target the Resistance Zone but only above the 4145 top can we expect a Channel Up Higher High at 4300. On the other hand, a 1D candle closing below the bottom (Higher Lows trend-line) of the Channel Up, would target the 3700 Support Zone.

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