S&P500: One last pull back is possible before a new High.

The S&P500 is pulling back following yesterday's July 4th holiday and seems to have reached a temporary top similar to May 1st. That was nearly a 1 month consolidation phase, which after testing the 1D MA50, it initiated the new bullish phase. Technically that was also the Higher Low of the four month Channel Up pattern.

The 1D technicals remain bullish (RSI = 67.005, MACD = 54.870, ADX = 30.096) and as long as they do, buying is favored. We expect this short term correction to test the S1 (4,330) and then rebound, which we will buy, to the R1 (TP = 4,500), which was the April 21st 2022 High.

Prior idea:


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