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S&P500 preparing an end of the year rally to 3780

  • December 17, 2020
  • Posted by: Tradingshot Articles
  • Category: Stock Indices
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SPX continues to trade within the Channel Up that I previously spotted and right now the keys are a certain Fibonacci sequence as well as the MACD formation on the 4H time-frame.

As you see the MACD is printing a similar formation with November 23 – 26. That was when S&P500 made its aggressive Bullish Leg from 3545 to 3655. It made its top on the -0.1 Fibonacci extension then pulled back to the 0.382 Fib retracement and took some time to price a Higher High on the -0.618 Fib extension.

If the same pattern is repeated, then the price could pull back seeking support within the 4H MA50 and 0.382 Fib and then rise to the -0.618 extension which is around 3790. That would set up S&P on a nice end-of-the-year rally.

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