S&P500: Channel Up with Golden Cross closing the February Gaps.

The S&P500 index formed a Channel Up with the 4H technicals indicating a healthy uptrend (RSI = 63.246, MACD = 19.720, ADX = 49.272). The 4H RSI is on Higher Lows of its own and the 4H MA50 is about to cross over the 4H MA200 and form the first Golden Cross since January 17th. A pullback will be an excellent opportunity for lower risk buys.

The Fibonacci retracement levels act as solid Resistance and Support zones so use them to your advantage if you trade short term. We expect R1 and R2 to get hit and as pointed out in our previous idea, we remain bullish with TP1 = 4,080 and TP2 = 4,160.


Prior idea:


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