S&P500 Technical short-term correction imminent

This is a quick update to the S&P500 analysis posted 10 days ago:


As the plan suggested, the index continued to slowly rise just below the Higher Highs (top) trend-line of the 2021 Channel Up, following the late April/ early May fractal.

Right now this is about to get completed, meaning that S&P may be ahead of a short-term technical correction towards the 1D MA50 (blue trend-line). The RSI (on the 1D time-frame) is also printing an identical sequence. Naturally that should be the final pull-back before the seasonal end-of-the-year rally. However, even the slightest break above the Channel's Higher Highs, could lead to a buying frenzy towards the 1.5 Fibonacci extension trend-line.




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