S&P500 The final pull back before Santa's rally!
The S&P500 index / US500 has been on the strongest 2 week rise since October 2022, which was at the very start of the Fibonacci Channel Up you see on this chart.
The index has established the 1day MA50 as the new long term Support and may test it soon if we expect it follow a similar course as the October-November 2022 rally, which made a short term pull back after rising by +12.20%.
That pull back happened after reaching the 0.618 Fibonacci level and declined slightly under the 0.382. Typical technical retrace. It then resumed the rally to complete a +17.30% rise.
Buy that pull back as it will most likely be the last before Santa's rally to +17.30%. Target 4800.
Note: The price is currently on the same 1day CCI level as October 25th.
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The index has established the 1day MA50 as the new long term Support and may test it soon if we expect it follow a similar course as the October-November 2022 rally, which made a short term pull back after rising by +12.20%.
That pull back happened after reaching the 0.618 Fibonacci level and declined slightly under the 0.382. Typical technical retrace. It then resumed the rally to complete a +17.30% rise.
Buy that pull back as it will most likely be the last before Santa's rally to +17.30%. Target 4800.
Note: The price is currently on the same 1day CCI level as October 25th.
Follow us, like the idea and leave a comment below!!
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