S&P500 Under the December Resistance ahead of the FED.

The S&P500 index (SPX) closed last week above the 1W MA50 (red trend-line) for the first time since April 20 2022. On top of that it formed the first 1D Golden Cross since July 08 2020, undoubtedly a very strong long-term buy signal. At the moment it is attempting to enter the 4060 - 4145 Resistance Zone, which was formed by December's two Highs. However, having broken above, 'Prior Lower High', it has an addition buy signal that it didn't have on September 13, when it failed. This is the level we pointed out two weeks ago on our SPX report:


As you see the price followed the buy call at the bottom of the Channel Up flawlessly and the only hurdle is December's Resistance Zone. We are only willing to buy again if a 1D candle closes above it and target the August 16 2022 High at 4325. Until then, we can take advantage of short-term price fluctuations and sell with a tight SL, if the price closes below the 4H MA50 (green trend-line), targeting the 1D MA50 (blue trend-line)/ 1D MA200 (orange trend-line) Support Cluster and the bottom of the long-term Channel Up.

On the downside, We will medium-term sell if the index closes below the Channel Up and target 3800 (top of Support Zone 1) and if 3760 breaks target 3710 (top of Support Zone 2).


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