S&P500 Giant Cup and Handle and CORRECTION in play?

The S&P500 index (SPX) almost hit the 4820 All Time High (ATH) level on the last trading session of 2023. That day completed the 9th straight green weekly (1W) candle, a feat last seen on the week of February 19 2019.

This doesn't necessarily indicate that any sort of correction is due as a bullish market can run rallies fueled on fundamental news for even longer period of times. But the fact that the ATH test completes a Cup pattern, could be alarming as, especially on overbought 1W RSI levels, Cup patterns tend to deliver one final pull-back in the form of a 'Handle' structure before making a new clear All Time High.

Technically, the 1W MA50 (blue trend-line) tends to be an intact Support during the year(s) of a Bull Market and so fart it was last hit in late October 2023. If 2024 is indeed a Bull Phase year, then the 1W MA50 should hold. If the Handle pulls back the current bullish trend, then the two could 'meet' at around 4500, which is marginally above the 0.236 Fibonacci retracement level. A stronger correction to the 0.382 level is highly unlikely unless pessimistic news (e.g. Fed, growth, inflation, unemployment) hit the market.

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