S&P500 Buy and Sell trading plan.
The S&P500 (SPX) index has been trading within a Channel Up pattern since the December 07 low and is currently on the 3rd Bullish Leg towards the top (Higher Highs trend-line). The basic Support is the 4H MA200 (orange trend-line) which has (nearly) held twice this month, with the 1D MA50 (red trend-line) right below being the separator between a medium-term bullish and bearish trend.
We expect a maximum Leg growth of 5.56% like the one that topped on December 27, so we are buying towards 4900 or until the 4H MACD makes a Bearish Cross (standard peak/ sell signal within the Channel Up), in which case we will sell and target the Channel's bottom (Higher Lows trend-line) at 4800 (-2.80% decline like January 05), or close earlier if the 4H MA200 gets hit.
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We expect a maximum Leg growth of 5.56% like the one that topped on December 27, so we are buying towards 4900 or until the 4H MACD makes a Bearish Cross (standard peak/ sell signal within the Channel Up), in which case we will sell and target the Channel's bottom (Higher Lows trend-line) at 4800 (-2.80% decline like January 05), or close earlier if the 4H MA200 gets hit.
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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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