S&P500: Near the top of the Bear Market Resistance
The S&P500 is under high volatility at the moment after the CPI report matched the forecast (6.5%). The index is trading inside a Channel Up, above both the 4H MA200 and 4H MA50, with the two close to forming a Golden Cross. With most 4H technicals overbought (RSI = 70.997, MACD = 30.350, ADX = 39.740) and the price approaching the Lower Highs Resistance that is in place for a whole year (only had the fake-out break on December 13th), the index is increasing turning into a sell opportunity.
Below the Channel Up and the 4H MA200, it is a short-term short to Fibonacci 0.618 (3,870). Validated/ confirmed buying at this point is only above the 1W MA50. From a fundamental perspective, it is the continuous drop on the US10Y, that is favoring capital going to riskier assets like stock. Keep an eye for a possible low there and reversal, for validation of the sell thesis on S&P500. But if bond yields continue to fall, the equity rally will be extended and a weekly close above the 1W MA50 should set S&P500 back into the new Bull Cycle.
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Below the Channel Up and the 4H MA200, it is a short-term short to Fibonacci 0.618 (3,870). Validated/ confirmed buying at this point is only above the 1W MA50. From a fundamental perspective, it is the continuous drop on the US10Y, that is favoring capital going to riskier assets like stock. Keep an eye for a possible low there and reversal, for validation of the sell thesis on S&P500. But if bond yields continue to fall, the equity rally will be extended and a weekly close above the 1W MA50 should set S&P500 back into the new Bull Cycle.
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## Comments and likes are greatly appreciated. ##
## Also DONATIONS through TradingView coins help our cause of increasing the daily ideas put here for free and reach out more traders like you. ##
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I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.