{"id":13688,"date":"2023-05-17T10:01:27","date_gmt":"2023-05-17T10:01:27","guid":{"rendered":"https:\/\/tradingshot.com\/?p=13688"},"modified":"2023-05-23T10:03:11","modified_gmt":"2023-05-23T10:03:11","slug":"sp500-the-cup-pattern-that-nobody-notices","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2023\/05\/17\/sp500-the-cup-pattern-that-nobody-notices\/","title":{"rendered":"S&P500 The Cup pattern that nobody notices!"},"content":{"rendered":"

We have been so focused on the short-term Channel Up on the S&P500 (SPX) since March (see idea below) that we didn’t publish any analysis on the longer term dynamics:<\/p>\n

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

This analysis offers critical insight on where we are with regards to the long-term\/ Cyclical trend. One parameter that stands out is that the S&P500 index has failed on two occasions to break the 1W MA50 (red trend-line) since August 26 2022. It just so happens now that the 1W MA100 is exactly on Resistance 1 (February 02 High). A break above it is a buy break-out signal targeting Resistance 2 (4330).<\/p>\n

However, it is equally probable to see a medium-term pull-back since, as you see on the chart, the curved Support Zone (dotted) that is connecting all the Lower Lows since December 2021 and provided all counter-trend rallies so far goes through th 1D MA200 (orange trend-line). A bounce there (could be within 3980 – 4000), confirms the pattern and would make the Channel’s new Higher Low. If it breaks though, expect the 3810 Support 1 to be tested.<\/p>\n

Notice also that the RSI on the 1W time-frame is approaching its own Higher Lows Zone, which has been a Buy Zone for exactly 1 year!<\/p>\n

Tradingview link:<\/p>\n

https:\/\/www.tradingview.com\/chart\/SPX\/XA5tqpcQ-S-P500-The-Cup-pattern-that-nobody-notices<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We have been so focused on the short-term Channel Up on the S&P500 (SPX) since March (see idea below) that we didn’t publish any analysis on the longer term dynamics: This analysis offers critical insight on where we are with regards to the long-term\/ Cyclical trend. One parameter that stands out is that the S&P500<\/p>\n","protected":false},"author":611,"featured_media":13689,"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-13688","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\/13688","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=13688"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/13688\/revisions"}],"predecessor-version":[{"id":13691,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/13688\/revisions\/13691"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/13689"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=13688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=13688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=13688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}