S&P500: Closing over 4,330 can extend this relentless rally.

The S&P500 index broke over Channel Up 1, which was the primary pattern since November 3rd 2022, and is only a few point away before testing R1 (4,330) for the first time since August 16th. The 1D technicals are on excellent bullish levels (RSI = 66.947, MACD = 39.580, ADX = 22.834) and a candle close over R1, can be enough to extend this relentless rally of the last 3 months. We will take the breakout and aim at R2 (TP = 4,500).

If rejected on R1 though, we will sell on the short term and buy near the 1D MA50 again (same bullish target). A closing under the 1D MA50, will be a sell trigger and we will target the S1 (TP = 4,045).


Prior idea:


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