S&P500 has turned neutral on the 1D technica outlook (RSI = 47.788, MACD = 28.200, ADX = 43.854) as it made a LL for the first time since the October 27th 2023 bottom, marking the end of that two month rally. That was the latest bullish wave of the 15 month Channel Up.
According to the three prior peaks that formed HH on the Channel Up, the index should kickstart a pullback that should cross under the 1D MA50 and may extend as low as -9.00% even. The RSI Channel Down patterns among all those bearish waves look very much alike. Consequently we will stay bearish and set a less aggressive target over the 1D MA200 (TP = 4,500).
See how our prior idea has worked:
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