SPX Will Go Up! Buy!
Updated
Please, check our technical outlook for SPX.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 4966.93.
The above observations make me that the market will inevitably achieve 5113.40 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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I evaluated the trade and decided to keep it running!
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