{"id":10770,"date":"2020-11-05T09:56:21","date_gmt":"2020-11-05T09:56:21","guid":{"rendered":"https:\/\/tradingshot.com\/?p=10770"},"modified":"2023-05-02T09:58:51","modified_gmt":"2023-05-02T09:58:51","slug":"sp500-time-to-break-above-the-stimulus-elections-triangle","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2020\/11\/05\/sp500-time-to-break-above-the-stimulus-elections-triangle\/","title":{"rendered":"S&P500 Time to break above the Stimulus-Elections Triangle?"},"content":{"rendered":"

 <\/p>\n

Since the September 03 Top (All Time High), S&P500 has entered a volatile pattern in the form of a Triangle. The major drivers of this weakness have fundamentally been the U.S. stimulus being delayed and then the elections.<\/p>\n

Today the Lower Highs trend-line of this Triangle is being tested. If broken, I expect the 3590 Resistance to be tested, with an extension to the 1.236 Fibonacci at 3620 as it happened with the July 23 extension.<\/p>\n

The reason I give more probabilities to an upward break-out from the Triangle is the fact that the MACD on the 1D time-frame has (just) formed a Bullish Cross much earlier than the previous time, something that may accumulate buyers. Also the RSI has broken above its Lower Highs trend-line already, something that was a bullish signal 1 year back. On top of that the MA30 just crossed above the MA50 which on a one month horizon at least, has historically been a bullish signal (we have to go years back to see immediate selling after a 1D MA30\/50 Bullish Cross.<\/p>\n

Most recent trade on S&P500:<\/p>\n

\"S&P500<\/a><\/div>\n

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\ud83c\udf89 \ud83d\udc4d Shout-out to TradingShot’s \ud83d\udcb0\u00a0top TradingView Coin donor<\/strong>\u00a0\ud83d\udcb0 this week ==>\u00a0didogetsov<\/a><\/p>\n

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Tradingview link:<\/p>\n

https:\/\/www.tradingview.com\/chart\/SPXUSD\/3favj85w-S-P500-Time-to-break-above-the-Stimulus-Elections-Triangle<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  Since the September 03 Top (All Time High), S&P500 has entered a volatile pattern in the form of a Triangle. The major drivers of this weakness have fundamentally been the U.S. stimulus being delayed and then the elections. Today the Lower Highs trend-line of this Triangle is being tested. If broken, I expect the<\/p>\n","protected":false},"author":611,"featured_media":10771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1639],"tags":[],"class_list":["post-10770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stockindices"],"_links":{"self":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/10770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/users\/611"}],"replies":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/comments?post=10770"}],"version-history":[{"count":3,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/10770\/revisions"}],"predecessor-version":[{"id":10773,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/10770\/revisions\/10773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/10771"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=10770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=10770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=10770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}