S&P500 Best medium-term Buy Signal but bearish if this breaks.

The S&P500 hit today the 3915 Support level that was formed on the November 17 Low. This also hit the bottom (Higher Lows trend-line) of the Channel Up that started on the October 13 market low. Technically this is the most optimal buy level on the medium-term, which should test first the 4H MA50 (green trend-line) and then the Lower Highs trend-line since the start of the year, where the index got rejected on December 01.

That rejection however is far from ideal as it is the trend-line where the previous three sell-off started on the long-term. The signal that makes it even more bearish is the 1D MACD which formed a Bearish Cross.

As a result, if the price closes below the 3915/ Channel Up Support cluster, we'll have a sell signal, targeting the 1D MA50 (blue trend-line) on the short-term. Closing below it, should kick-start an even bigger correction to at least the 1W MA200 (grey trend-line).

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