The S&P500 index is now on a healthy green 1D technical outlook (RSI = 65.835, MACD = 82.010, ADX = 81.214) following a much needed technical pullback yesterday that eased the previously overbought technical indicators. On the 4H timeframe, the index is still inside a two month Channel Up, which found support yesterday on the 4H MA50. As long as it holds, we will...
S&P500 reached the top of the four month Channel Up, remaining on heavily overbought technical indicators on the 1D timeframe (RSI = 75.225, MACD = 61.680, ADX = 45.310). As the 1D RSI is close to hitting the HH trendline that goes as back as November 2022, we expect a pullback, at least on the short term inside the Channel Up, first to drop the overbought...
S&P500 is testing Resistance (1) on the Channel Up inside the larger Megaphone pattern. Currently it is at the top on two separate patterns.
The MA50 (1d) is supporting the Channel Up and the MA200 (1d) the Megaphone.
Trading Plan:
1. Sell on the current market price.
2. Buy on Support (1).
3. Sell under Support (2).
Targets:
1. 4175 (Support 1).
2. 4300 (top of...
The S&P500 is pulling back today after it hit the 0.5 Fibonacci level on Friday. The 1D technicals remain bullish (RSI = 61.663, MACD = 33.310, ADX = 42.403) as the current rise is the bullish leg that started on the Higher Low of the Channel Up and technically peaks near 4,250. That is our short term target and don't see a correction before that.
Of course we...
