the index is once again approaching the 3,030 1W Resistance and All Time High (ATH). 1D has just turned bullish on its RSI = 56.532 (MACD = 7.990, ADX = 32.823, Highs/Lows = 25.3073) but this is not the clue we are looking at for our next move.
What seems to be more relevant now is how S&P traded on a similar situation in the past. We looked back in 2016/ 2017 when the index last made a rebound on the 1D MA200, within a Channel Up and after a Golden Cross formation. Once the Resistance at the time broke, it strongly moved for a new Higher High within the Channel before aggressively breaking the pattern upwards.
Since we are currently just above the 1D MA50 and just under the 3,030 Resistance, if it breaks, we will target 3,100 - 3,150. A strong earnings season should work as the catalyst the index needs right now.
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