S&P500: Short term correction.

6 thg 2, 2023

The S&P500 is approaching the 4H MA50, its first line of Support in the past 10 days. 1D remains positive so on the long term we are still bullish but as 4H turned neutral (RSI = 48.983, MACD = 17.390, ADX = 32.288) we are looking at the probability of visiting the 4H MA200 in order for the RSI to touch the oversold limit and turn into a buy again, as it happened December 7th.

Consequently, we are shorting with TP = 3,980. If the 4H MA200 is broken, we will prolong selling to the S1 Zone, with TP = 3,800. Only a break above the 4,200 Resistance advocates a buy (TP = 4,300) if it comes before 3,800.


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