The S&P500 got rejected twice near the MA50 (1d), causing a 7 day decline. Since the October rise has been stronger so far than this decline, we can consider it as a Bullish Flag. The price is approaching the MA200 (1d), where the October rally basically started.
Trading Plan: 1. Buy on the current market price.
Targets: 1. 4380 (MA50 1d).
Tips: 1. The RSI (1d) is on the exact symmetrical level as the September 7th Low. An additional bullish signal, at least for the short term.
Thank you for your idea. But I think VIX hitting the highest value since late March 2023 (when regional banks were imploding) reflects quickly deteriorating sentiment. Besides that, there are many other reasons to be bearish going into 2024.
Princesslv
⋅
But it could go up. Nobody is right or wrong. God knows…