The S&P 500 (SPX) formed a double bottom pattern on Monday, April 7, and Wednesday, April 9, on the 4-hour timeframe, signaling a potential reversal from recent lows. Later on April 9, the index broke above resistance, confirming short-term bullish momentum. On April 24, the 20-period moving average crossed above the 50-period moving average, reinforcing the strength of the emerging uptrend. By April 25, a 4-hour candle closed above the 200-period moving average, providing further confirmation of a strong bullish trend. That same day, the SPX broke through the significant resistance level at 5,501, with a candle closing above this level, which supports the view of continued upward movement. Based on my technical setup, the next potential target is projected at 5,728.
✨ My Signature Strategy as a Contrarian Trader ✨
I specialize in spotting opportunities where others don’t! 📉📈 By waiting for the perfect moment, I strategically buy undervalued stocks that others often overlook. 🕵️♂️ Using in-depth research 🔍
I specialize in spotting opportunities where others don’t! 📉📈 By waiting for the perfect moment, I strategically buy undervalued stocks that others often overlook. 🕵️♂️ Using in-depth research 🔍
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✨ My Signature Strategy as a Contrarian Trader ✨
I specialize in spotting opportunities where others don’t! 📉📈 By waiting for the perfect moment, I strategically buy undervalued stocks that others often overlook. 🕵️♂️ Using in-depth research 🔍
I specialize in spotting opportunities where others don’t! 📉📈 By waiting for the perfect moment, I strategically buy undervalued stocks that others often overlook. 🕵️♂️ Using in-depth research 🔍
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.