S&P500: Hit the 1W MA50 again.

Strong rally on the S&P500 index today with 1H turning overbought (RSI = 81.761) but 1D on healthy bullish technicals (RSI = 61.426, MACD = 17.150, ADX = 26.544), indicating that this trend can be sustainable long-term.

The only drawback is that the price hit today the major multi month Resistance level of the 1W MA50, which made the strong rejection of December 13th. We have no alternative but to look at the index on the medium term horizon. This shows that as long as the 4H MA200 supports, the price can go to 4,080 tomorrow (1.5 Fibonacci) and seek direction within the 4,100 - 4,140 Zone. This will either be a Supply Zone where heavy profit taking will take place, or Demand by a new batch of buyers long-term. Successful break over it will be bullish aiming the 4,330 Resistance of August.


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