S&P500 Running out of time and space. Can it avoid the fall?

The S&P500 index (SPX) hit again the bottom (Higher Lows trend-line) of the October Channel Up following two straight rejections on its 4H MA50 (blue trend-line). This completes a 2-week fall following the 1W MA50 (red trend-line) rejection. Even though it appears to be staging a small rebound early today, so far it remains even below the 1D MA50 (green trend-line), where it had a clear rejection on December 22 as well as the 4H MA200 (orange trend-line).

Based on the 4H MACD, it appears that S&P is repeating the early September Cup reversal pattern. That sequence broke above the 4H MA50 and 1D MA50 in succession before getting rejected just above the 4H MA200. That rejection later initiated a new and more aggressive round of selling to the October 13 market bottom. Notice the 4H Death Cross on both patterns.

In order for the S&P500 to avoid this scenario, it needs to break above the previous Lower High (4055), which failed to do so in September. Until then, a new Lower Highs or 1W M50 rejection should be enough to test first the Support Zone around 3700 and if broken, even the market low.


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