The S&P500 index turned bullish last week as it broke above three critical Resistance levels: the former Lower Highs trend-line of 2022, the 4H MA200 (orange trend-line) and the 1D MA50 (red trend-line). The natural target zone is the range consisting of the February Resistance (4595) and the 0.618 Fibonacci Retracement level (4547).
Perhaps the most important technical development of this week, is the formation of the Golden Cross (when the MA50 crosses above the MA200) on the 4H time-frame, which we will see the first time since December 27 2021. However, as the 4H RSI turned lower on Lower Lows and Lower Highs, much like the March 03 sequence, it is more likely to see a pull-back first, towards the 4H MA50 and 0.382 Fib initially at 4379 and then the 0.236 Fib at 4275. Being a potential Channel Up, that should be the new buy entry. Any level below the Higher Lows trend-line, risks turning the long-term sentiment back to bearish.
Of course this pull-back case will be invalidated if the index breaks above the 4595 February Resistance first, in which case the 4820 All Time High (ATH) will be targeted.
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Perhaps the most important technical development of this week, is the formation of the Golden Cross (when the MA50 crosses above the MA200) on the 4H time-frame, which we will see the first time since December 27 2021. However, as the 4H RSI turned lower on Lower Lows and Lower Highs, much like the March 03 sequence, it is more likely to see a pull-back first, towards the 4H MA50 and 0.382 Fib initially at 4379 and then the 0.236 Fib at 4275. Being a potential Channel Up, that should be the new buy entry. Any level below the Higher Lows trend-line, risks turning the long-term sentiment back to bearish.
Of course this pull-back case will be invalidated if the index breaks above the 4595 February Resistance first, in which case the 4820 All Time High (ATH) will be targeted.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.