The S&P500 turned bullish last week as it break through the three Crucial Resistance levels which can be tested as support now: the LL Trend line of 2022, the H4 MA200 and the 1D MA50. The natural target zone is the range consisting of the February Resistance (4595) and the 0.618 FIB Level
But the Significant TA Development of the week, is the formation of the Golden Cross on the H4, which happened for the first time since Dec 21. However, as the H4 RSI turned lower on LL and LH, which have been explained by drawing the March 03 sequence ,so it is more likely to see a pull-back first, towards the H4 MA50 and 0.382 Fib initially at 4370-4380 and then the 0.236 Fib at 4270 -4280. Since the channel is potentially Up, that should be considered as Buying opportunity. Price Action below the HL trend-line may impose risks to turn the long-term sentiment bearish .
and obviously the pull-back case will be invalidated if the S&P500USD breaks above the 4595 LTF Resistance first, in that case the 4820 (ATH) will be targeted.
But the Significant TA Development of the week, is the formation of the Golden Cross on the H4, which happened for the first time since Dec 21. However, as the H4 RSI turned lower on LL and LH, which have been explained by drawing the March 03 sequence ,so it is more likely to see a pull-back first, towards the H4 MA50 and 0.382 Fib initially at 4370-4380 and then the 0.236 Fib at 4270 -4280. Since the channel is potentially Up, that should be considered as Buying opportunity. Price Action below the HL trend-line may impose risks to turn the long-term sentiment bearish .
and obviously the pull-back case will be invalidated if the S&P500USD breaks above the 4595 LTF Resistance first, in that case the 4820 (ATH) will be targeted.