S&P500 Normal consolidation within the large Channel Up.
S&P500 / US500 is highly volatile these first two weeks of September, trading sideways on a relatively wide margin, using the 1day MA50 as the pivot.
As long as the 1day MA100 supports, this is a similar consolidation that we witnessed after the market's prior bottom inside the 11 month Channel Up.
Both the 1day RSI and MACD indicate that we might be halfway through the consolidation phase.
This volatile trade is far from alarming for the long term, with the 1day MA200 conveniently placed on the Channel's bottom.
We may see the rally taking off at the end of the month. It is a good opportunity to buy and target 4770 (Fibonacci 1.618 extension as the June 16th High).
Previous chart:
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As long as the 1day MA100 supports, this is a similar consolidation that we witnessed after the market's prior bottom inside the 11 month Channel Up.
Both the 1day RSI and MACD indicate that we might be halfway through the consolidation phase.
This volatile trade is far from alarming for the long term, with the 1day MA200 conveniently placed on the Channel's bottom.
We may see the rally taking off at the end of the month. It is a good opportunity to buy and target 4770 (Fibonacci 1.618 extension as the June 16th High).
Previous chart:
Follow us, like the idea and leave a comment below!!
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