S&P500: Sell opportunity on the 4H timeframe.
The S&P500 is highly overbought on the 1W technical outlook (RSI = 77.490, MACD = 202.930, ADX = 73.429) and hasn't provided the slightest correction under the key 1D MA50 trendline since November 3rd 2023. In spite of that, the index can keep rising without providing such a correction, let alone enable us to time it. Its structure of this nonstop rise since January 31st is the Channel Up you see on this chart.
We are on the 4H timeframe which filters out the overbought technical indicators on the higher timeframes and is the only chart capable of trading with a high success rate at the moment. As you can see, the strongest signal inside this pattern has been a Buy when the 4H MACD makes a Bullish Cross and a Sell when it makes a Bearish Cross. At the moment it is after a Bearish Cross, so the short term trend is a Sell.
All recent pullbacks have hit at least the 1D MA50 and the latest one even the 1D MA100 on the lower magnitude so far of -1.58%. Consequently, we are targeting the 1D MA100 on -1.58% from the top (TP = 5,180).
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We are on the 4H timeframe which filters out the overbought technical indicators on the higher timeframes and is the only chart capable of trading with a high success rate at the moment. As you can see, the strongest signal inside this pattern has been a Buy when the 4H MACD makes a Bullish Cross and a Sell when it makes a Bearish Cross. At the moment it is after a Bearish Cross, so the short term trend is a Sell.
All recent pullbacks have hit at least the 1D MA50 and the latest one even the 1D MA100 on the lower magnitude so far of -1.58%. Consequently, we are targeting the 1D MA100 on -1.58% from the top (TP = 5,180).
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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