S&P500 Closed above the 1W MA100 after almost 300 days.

4 thg 6, 2023

Major bullish signal for the S&P500 (SPX) as it closed a 1W (weekly) candle above the 1W MA100 (green trend-line) for the first time since the week of August 15 2022. That was the weekly candle that formed the next Resistance 1 in line, the 4330 level (Aug 16 High).

The 1W RSI has already broken above its Rising Wedge since two weeks ago and the 4330 Resistance 1 test seems inevitable. That will be the final barrier before testing the 4640 level of Resistance 2 (March 28 2022 High).

Needless to say, the index is long past the Bear Cycle, having broken above the Lower Highs trend-line, with the 1W MA50 (blue trend-line) in Support. The target of the Inverse Head and Shoulders pattern (Fibonacci 2.0) is marginally above Resistance 2.


-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇