S&P500 rebounding on the MA50 (1d) but be careful if broken.
The S&P500 index is on the first green (1d) candle after an almost test of the MA50 (1d). This level has been holding since March 30th, so consider it a short term buy entry.
The short term pattern is a Megaphone inside a long term Channel Up.
Trading Plan:
1. Buy on the market price.
2. Sell upon a candle closing under the MA50 (1d).
3. Buy at 3980 (the MA200 1d).
Targets:
1. 4250 (Megaphone top).
2. 3980 (the MA200 1d).
3. 4330 (Resistance 2).
Tips:
1. The RSI (1d) has a clear long term Support Zone (39.00- 33.50). If the MA50 (1d) breaks, it can be used as additional confirmation to plan your long term buy entry.
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Notes:
Past trading plan:
The short term pattern is a Megaphone inside a long term Channel Up.
Trading Plan:
1. Buy on the market price.
2. Sell upon a candle closing under the MA50 (1d).
3. Buy at 3980 (the MA200 1d).
Targets:
1. 4250 (Megaphone top).
2. 3980 (the MA200 1d).
3. 4330 (Resistance 2).
Tips:
1. The RSI (1d) has a clear long term Support Zone (39.00- 33.50). If the MA50 (1d) breaks, it can be used as additional confirmation to plan your long term buy entry.
Please like, follow and comment!!
Notes:
Past trading plan:
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