US 500
Long

S&P500 Huge retest of former Channel Down.

413
S&P500 / US500 took a big hit today following the higher than expected PCE, causing a price rejection on the 4hour MA50.

So far however the drop stopped exactly at the top of the former Channel Down of February-March.

With the 4hour RSI on the same level as March 10th, if this level holds, it will be a huge retest buy signal and will start a new bullish wave.

Based on this, we'd expect the 1day MA50 to be targeted at 5,850.


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