S&P500 is approaching its medium-term buy level


It is time to update our perspective on the S&P500, which we last analyzed a week ago when we called the exact market top on November 22:

S&P500 Technical short-term correction imminent

As you see the index got rejected that day and corrected instantly, which based on our analysis is a much needed technical correction in accordance with the long-term pattern of the 2021 Channel Up on the 1D time-frame.

The price is now very close to the 1D MA50 (blue pattern) and as per the May fractal, which has been accurately following, a contact there is a highly possible bottom. Thus, a slightly further dip within 4540 – 4520 would be ideal for a new medium-term buy towards the 4740 Resistance.

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