- May 3, 2023
- Posted by: Tradingshot Articles
- Category: Stock Indices
The S&P500 (SPX) has had an excellent run following our buy call more than one month ago:
Right now we see a Megaphone pattern in formation on the 4H time-frame and with the price above the 4H MA50 (blue trend-line) and with the 4H MA200 (orange trend-line) holding since March 29, we are targeting the top (Higher Highs trend-line) at 4200.
If the price closes above the Megaphone we will buy again, targeting the top of the long-term Channel Up at 4270. Similarly we will go short if we close below the 4H MA200 and target 4040. If the price breaks below the Megaphone we will sell again, targeting the bottom of the long-term Channel Up at 3930.