S&P500: Channel Up topped. Correction possible.
S&P500 is only a few points away from hitting the HL trendline of the long term Channel Up (started on the October 13 2022 Low). That would be the second time to test the patterns absolute Top. The 1D technical outlook is on standard bullish levels (RSI = 67.767, MACD = 49.570, ADX = 38.770) but the 1D RSI in particular has formed the very same pattern it did during the July 2022, January 2023 and December 2022 Channel Up Highs.
Consequently we have all the technical evidence we need for a 1 month at least short. The first Support is the 1D MA50 but in order to keep the long term uptrend on sustainable levels, it would be better to approach the 1D MA200. We expect the pullback to almost hit the 1D MA200 and touch at least the 0.382 Fibonacci of the Channel (TP = 4,600).
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Consequently we have all the technical evidence we need for a 1 month at least short. The first Support is the 1D MA50 but in order to keep the long term uptrend on sustainable levels, it would be better to approach the 1D MA200. We expect the pullback to almost hit the 1D MA200 and touch at least the 0.382 Fibonacci of the Channel (TP = 4,600).
See how our prior idea has worked out:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
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