S&P is testing today the 4H MA50 for the first time since it broke it on February 21st. Crossing and closing a 1D candle above it will be a bullish development especially if the 0.382 Fibonacci level, which has been acting as a Resistance so far at 2,650, also breaks.
On that occasion we will be expecting an extension towards the 0.618 Fib around 2,930, which is technically the last long term Resistance before the index re-enters its long term (multi-year bullish trend). This where the 4H MA200 will be waiting to also act as the final Resistance, which has already rejected one uptrend attempt on March 4th.
On a different occasion, if the 0.382 Fib at 2,650 holds, then we are expecting a pull back to the 2,450 short term Support at 2,450 and 2,200 in extension.
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On that occasion we will be expecting an extension towards the 0.618 Fib around 2,930, which is technically the last long term Resistance before the index re-enters its long term (multi-year bullish trend). This where the 4H MA200 will be waiting to also act as the final Resistance, which has already rejected one uptrend attempt on March 4th.
On a different occasion, if the 0.382 Fib at 2,650 holds, then we are expecting a pull back to the 2,450 short term Support at 2,450 and 2,200 in extension.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial