S&P500: Rejected on 2month Resistance.

2023년 1월 30일

The S&P500 index got rejected on Friday marginally under the R1 Zone (4,100 - 4,140) and is pullig-back having turned the 4H time frame neutral (RSI = 54.304, MACD = 15.240, ADX = 18.708). As we discussed previously, we are following the December fractal for direction. There was a Double Top rejection on R1 during December and when it broke under the 4H MA200, the price visited the S1 Zone.

Consequently, a potential crossing under the 4H MA200 will be a bearish signal (TP = 3,800) and a crossing above 4,150 (R1 top) will be a bullish signal (TP = 4,330).


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