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S&P500: 1D MA100 hit. Short term rebound at least to be expected

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US 500 (CAPITALCOM:US500)  
InvestingScope  
CAPITALCOM:US500   US 500
Trend Analysis Chart Patterns Technical Indicators SPX (S&P 500 Index) S&P 500 E-Mini Futures us500 standardandpoor500 spxtrading index indextrading
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trendanalysis chartpattern indicator spx es1! us500 standardandpoor500 spxtrading index indextrading
S&P500 is bearish on its 1D technical outlook (RSI = 37.601, MACD = -44.800, ADX = 58.528) as it touched the 1D MA100 on Friday after more than 5 months. This calls for a short term rebound at least as every previous corrective wave inside the multi month Channel Up that approached the 1D MA100, it rebounded to at least the 0.618 Fibonacci level. Following our last short call, we are now turning long again (TP = 5,115).

See how our prior idea has worked out:

S&P500: Bearish reversal to the 1D MA100.

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