S&P500 Ascending Triangle giving a bottom buy signal.

The S&P500 index (SPX) gave us last week an accurate quick buy signal (see chart below) but then got sold-off to a new 3-week Low:


The price hit yesterday during that sell-off the bottom (Higher Lows trend-line) of the Ascending Triangle pattern that is in place since the August 04 High (which created its 4540 top/ Resistance). This is a short-term buy signal and will be confirmed if the 4H MACD completes the emerging Bullish Cross.

The immediate Resistance is the 4H MA50 (blue trend-line) - 4H MA200 (orange trend-line) Zone and the short-term is the Lower Highs trend-line since the September 01 High. That will be our target, aiming at a +1.77% rise (proportionally less than the previous) at 4490.

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