The S&P500 index (SPX) pulled back from yesterday's High but managed to find Support today on its 1H MA50 (blue trend-line). This is technically a Higher Low at the bottom of the 1H Channel Up.
As long as the bottom holds, expect the current Bullish Leg to conclude at least a +1.57% rise, targeting 7580. If the price breaks below it though, the market may experience a short-term pull-back towards the 1H MA200 (orange trend-line), targeting 7450.
A break below the 1H RSI Support (37.50) could be a signal for an even stronger correction moving on to the 4H time-frame.
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As long as the bottom holds, expect the current Bullish Leg to conclude at least a +1.57% rise, targeting 7580. If the price breaks below it though, the market may experience a short-term pull-back towards the 1H MA200 (orange trend-line), targeting 7450.
A break below the 1H RSI Support (37.50) could be a signal for an even stronger correction moving on to the 4H time-frame.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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