S&P500 New Bullish Cross can take it higher.

22 may 2023

The S&P500 index (SPX) hit last week our long awaited 4190 target, a level we set 2 months ago (see idea below):

That trade was taken right before the 1D MACD formed a Bullish Cross, the 2nd within the long-term Channel Up pattern. Last Thursday, the index completed the 3rd Bullish Cross of the Channel Up and continues to rise within a shorter term Rising Wedge.

With the 1D MA50 (blue trend-line) intact as a Support since March 29, and the price breaking above the (former) 4195 Resistance, we remain bullish and will buy again: a) if the price pulls back near the bottom of the Rising Wedge and target 4250 or b) if it closes a 1D candle above the Rising Wedge and target 4280 (top of Channel Up).

Similarly, we will sell the break-out if it closes below the 1D MA50 and target the bottom of Support Zone 2 and the Channel Up (Higher Lows trend-line) at 3950.


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