S&P500 Short-term buy opportunity

21 Mei

The S&P500 (SPX) index gave us an excellent bottom buy signal on May 02 (see chart below) that comfortably hit our 5200 Target:

The pattern that prevailed is a Channel Up, holding since the start of the month. As long as it is supported by the 4H MA50 (blue trend-line) and the 4H RSI Rectangle holds, we expect the current consolidation to give a similar 2.0 Fibonacci extension Target at 5370, such as the May 10 High.

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