Saturday, March 11, 2023



The S&P500 is on a medium-term correction following the February 02 rejection just below the 1W MA100 (red trend-line). The long-term pattern is a Cup formation and the price is approaching its buy Zone.

Right now though it sits on the Higher Lows trend-line that has formed the medium-term Channel Up and is an ideal buy for the long-term, with limited downside. The 1D RSI is on the December Support and if the perfect symmetry with the downtrend of the Bear Cycle holds, it means it is on an the inverse path of February 22 - June 16 2022.

There are obvious Resistance Zones within the Cup pattern, while also the Fibonacci retracement levels align very well. Buy and target next the 0.618 Fib and the bottom of Resistance Zone 2 at 4300. That is marginally below the August 16 High.





S&P500 technical chart

  • Uploaded by: Forex Trading Site
  • Views:
  • Category:
    • Share

    0 comments:

    Post a Comment

    Subscribe to: Post Comments (Atom)

     

    Our Team Members

    Copyright © Forex Trading Tutorial | Designed by Templateism.com | padugai.com
    Introducer of

    FxPro

    WARNING: .

    Legal: FxPro Financial Services Ltd is authorised and regulated by the CySEC (licence no. 078/07)

    Risk Warning: CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all your invested capital. Therefore, CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand the risks involved and take into account your level of experience. Seek independent advice if necessary.
    IMPORTANT NOTE: this site belongs to an FxPro affiliate and not to FxPro. Therefore, the content of the site including but not limited to material, information, opinion(s), advertisement(s), suggestion(s) and product(s) on offer is not endorsed by FxPro. Consequently, FxPro does not assume any liability for any representation made through this site and is not responsible for any loss incurred as a result of such representation.