S&P500: Needs one last pullback before a new High.

S&P500 is trading inside a narrow Channel Up, loosely supported by the 4H MA50 (RSI = 58.828, MACD = 5.720, ADX = 49.301). This pattern implies a rejection within the 4,605 - 4,620 Zone targeting 4,550. We are looking for a buy there or if S1 (4,527.50) breaks then near the 4H MA200 at 4,485 (also a HL trendline). In both instances our target is the R1 (TP = 4,640).

It is important to observe the 4H RSI. The Channel Down's Bearish Divergence can lead it to the S1 Zone, where the stronger buys of June 26th and July 10th occured. This can coincide with the 4H MA200 test.

Prior idea:

S&P500: First buy conditions following the top are emerging.

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