- March 20, 2023
- Posted by: Tradingshot Articles
- Category: Stock Indices
The S&P500 index (SPX) is on a 1 week rebound following the March 13 Low which was made on Support Zone 2 and is so far on the bottom of the 5-month Channel Up. All candles have closed inside this pattern and as you see so far every bearish and bullish wave follows similar structure as the previous one.
We are near the best buy signal since January 06 as the 1D MACD is above to form a Bullish Cross. Our short-term target is the 1D MA50 (blue trend-line) and medium-term 4190 (near Resistance).