US500 ~ Ho Ho Santa Rally or EOY Bah Humbug Bust? (4H)
US500
chart mapping/analysis. S&P 500 holding in choppy consolidation after November ripper rally.
Trading scenarios into EOY:
- Bullish reaction to macro economic news = break above ~4610 trading range (yellow dashed) towards ascending trend-line (green) / red box confluence zone.
- Bullish extension target(s) = re-test ~4820 previous/historical ATH.
- Bearish reaction to macro economic news = break below ~4524 trading range (yellow dashed) towards ~4450 / 200SMA dynamic support confluence zone.
- Bearish extension target(s) = Golden Pocket / descending trend-line (white dotted) confluence zone aka "Return to Scene of Crime".
Comentarios:
US500 chart update (Thurs 14/12):
- Face-ripping rally off dovish Fed Pivot commentary.
- Price action = tag, break & hold just above ascending trend-line (green).
- Further bullish momentum to push towards prev historical ATH (~4820), otherwise succumb to selling/overbought pressure & mean revert back into year-long ascending wedge formation for consolidation, TBC.
