There was some strong buying at the recent lows that is reflected in the RSI divergence. There is a possibility of move up to 4530 level if this strength continues. However, the SP500 is also at the top it's steep downward channel and may just move south from here to the bottom of the channel. The market fundamentals are worse than when we saw the January lows so breaking those lows is more likely than a new high. With the war in Ukraine and fears of escalation across the region and the possibility of China seizing Taiwan on the table, keep your positions small and as technicals will not overrule a major news event.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.