S&P500 The correction is over. Bullish trend intact.

18 Jul

The S&P500 (SPX) has been rising steadily since our June 17 bullish break-out signal (see chart below) and despite this week's pull-back, the upward pattern remains unchanged:

As long as it continues to be supported by the 1D MA50 (blue trend-line), we remain bullish with our Target intact at 5800, marginally below the 2.618 Fibonacci extension.

On a side-note, observe the uncanny symmetry between the RSI structures of the Bullish Legs. We are now on a similar pull-back recovery formation as on the January 31 2024 and June 26 2023 short-term Lows.

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