S&P500 The August 2022 is the Resistance but the index can peak
The S&P500 / SPX / US500 is extending the rise inside the long term Channel Up, supported by the 1day MA50.
As long as the 1day MA50 supports, we will stay bullish with the 4330 August 16th 2022 posing as the next Resistance.
Every rally inside the Channel Up however has been at least +9.50% so we expect a peak on the Channel Up top at 4400 if the August 2022 top breaks.
If a candle closes under the 1day MA50, seel and target 4030 (bottom of the Channel Up).
Previous chart:
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As long as the 1day MA50 supports, we will stay bullish with the 4330 August 16th 2022 posing as the next Resistance.
Every rally inside the Channel Up however has been at least +9.50% so we expect a peak on the Channel Up top at 4400 if the August 2022 top breaks.
If a candle closes under the 1day MA50, seel and target 4030 (bottom of the Channel Up).
Previous chart:
Follow us, like the idea and leave a comment below!!
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