S&P500 4H Channel Up aiming higher.
This is a short-term outlook on the S&P500 (SPX) following yesterday's Fed Rate Decision. The short-term pattern on the 4H time-frame is a Channel Up and is giving us some important developments.
Even though yesterday's attempt to stay above the 4H MA50 (blue trend-line) failed, the index managed to stay on the Channel Up bottom (Higher Lows trend-line) and is since rising steadily on green 4H candles, attempting to form a bottom (Higher Low).
A closing above the 4H MA50 can be the bullish confirmation this pattern needs but outside of it, we see the Ichimoku Cloud turning green again for the first time since April 09. If the 4H MACD completes the emerging Bullish Cross, we will have a strong bullish mix in our hands and most likely the Channel Up will go first for a 4H MA200 (orange trend-line) test, since last time it was rejected on the 1D MA50 (red trend-line) and eventually complete a +4.00% Bullish Leg (like the previous one) at 5200.
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Even though yesterday's attempt to stay above the 4H MA50 (blue trend-line) failed, the index managed to stay on the Channel Up bottom (Higher Lows trend-line) and is since rising steadily on green 4H candles, attempting to form a bottom (Higher Low).
A closing above the 4H MA50 can be the bullish confirmation this pattern needs but outside of it, we see the Ichimoku Cloud turning green again for the first time since April 09. If the 4H MACD completes the emerging Bullish Cross, we will have a strong bullish mix in our hands and most likely the Channel Up will go first for a 4H MA200 (orange trend-line) test, since last time it was rejected on the 1D MA50 (red trend-line) and eventually complete a +4.00% Bullish Leg (like the previous one) at 5200.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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