S&P500: The 1W MA100 and 0.5 Fib are the biggest hurdles.
The S&P500 gives a very clear impression as to what the situation is on the 1W timeframe. Despite the recovery early this year with the index crossing above the 1 year LH trendline, thus getting out of the Bear Cycle, the 1W technicals are basically neutral (RSI = 56.583, MACD = 37.340, ADX = 36.258). A big part of it is because the index has been ranging inside the R1 and S1 Zones since November.
Key levels to watch are 1) the 1W MA100, which hasn't been hit August 22nd and hasn't made a weekly closing above since August 15th and 2) the 0.5 Fibonacci level, which despite having candle's crossing over it, hasn't made a closing since (again) August 15th.
According to this, a last pullback to S1 is possible and then the decisive rebound that will make a Higher High on the 5 month Channel Up on the 0.618 Fibonacci, below R2 (TP = 4,300).
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Key levels to watch are 1) the 1W MA100, which hasn't been hit August 22nd and hasn't made a weekly closing above since August 15th and 2) the 0.5 Fibonacci level, which despite having candle's crossing over it, hasn't made a closing since (again) August 15th.
According to this, a last pullback to S1 is possible and then the decisive rebound that will make a Higher High on the 5 month Channel Up on the 0.618 Fibonacci, below R2 (TP = 4,300).
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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