S&P500 Buy signal within the Bullish Megaphone.
The S&P500 index (SPX) is attempting to stage a rise after hitting the bottom of the Bullish Megaphone. This is after the formation of the Golden Cross on the 4H time-frame, the first such pattern since March 31. In addition, the 4H MACD just formed a Bullish Cross below the 0.0 level. This is a strong combination of bullish signals for the medium-term.
As long as the Higher Lows (bottom) of the Megaphone hold, we are bullish, targeting 4640 (Resistance 2). If it closes a 4H candle below the Higher Lows, we will close the buy and open a sell instead targeting the 1D MA100 (yellow trend-line) at 4375. If after an initial rebound, it gets rejected on either the 4H MA200 (orange trend-line) or 4H MA50 (blue trend-line), we will re-sell and target the 1D MA200 (red trend-line) at 4220.
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As long as the Higher Lows (bottom) of the Megaphone hold, we are bullish, targeting 4640 (Resistance 2). If it closes a 4H candle below the Higher Lows, we will close the buy and open a sell instead targeting the 1D MA100 (yellow trend-line) at 4375. If after an initial rebound, it gets rejected on either the 4H MA200 (orange trend-line) or 4H MA50 (blue trend-line), we will re-sell and target the 1D MA200 (red trend-line) at 4220.
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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! **
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