S&P500 Last hurdle but forming a 1D Golden Cross

The S&P500 index (SPX) broke above the 1W MA50 (red trend-line) for the second time during the start of the Bear Cycle in January 2022 and the first after December 12 2022. For the past three days it is being rejected there, which makes it a strong Resistance, along with the 'Prior Lower High', which is the level we pointed out last week on our SPX report:


As you see the price followed the buy call at the bottom of the Channel Up flawlessly but now faces the 'Prior Lower High'. Until it breaks it, we are good to sell with a tight SL targeting the 1D MA50 (blue trend-line). That trend-line just hit the 1D MA200 (orange trend-line) and are about to form the first 1D Golden Cross since July 09 2020. As a result, we are bullish long-term, targeting the Resistance Zone and if 4145 breaks, the August 16 2022 High at 4325.

We will only short-term sell if the index closes below the Channel Up and target 3800 (top of Support Zone 1) and if 3760 breaks target 3710 (top of Support Zone 2).


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