S&P500 This new Channel Up can lead it to the All Time High.

The S&P500 (SPX) index has been rising non-stop and appears not to be influenced by yesterday's Fed Rate Decision. The price reached however the top of Channel Up 1, the pattern that has been driving the price action since the October 13 2022 Bear Cycle bottom. This calls for a technical pull-back similar to the December 01 2022 and February 02 2023 Higher Highs, however that can only be confirmed after the 1D RSI breaks below its Higher Lows trend-line, which is exactly what happened on those fractals.

Until then, and as long as the 1D MA50 (blue trend-line) is supporting (has been unbroken since March 29), the more recent Channel Up 2, can lead the price to the 4820 All Time High (ATH) of January 04 2022. Of course before that Resistance 1 (March 29 2022 High) is present at 4640, so since Channel Up 2 is also on its top (Higher Highs trend-line), we can consider a Megaphone (sideways) consolidation, similar to what took place in April. As long as its hits the 1D MA50 and rebounds, we will be bullish, targeting 4820 on the new bullish leg (green arc).

On the other hand if the index does close a 1D candle below the 1D MA50 and the 1D RSI breaks below its Higher Lows trend-line, we will sell and target the 1D MA200 (orange trend-line) at 4250.

-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇