S&P500 Over the 1day MA50 but short term sell opportunity
The S&P500 index / US500 broke and closed over the 1day MA50 on Friday, for the first time in almost 2 months.
Even though it is a major long term bullish development, we see a short term sell opportunity as the 1day RSI is reversing, signalling a loss of strength on the 5 day rally.
The long term pattern remains a Bearish Megaphone, so such minor technical correction is justified.
Sell and target 4270 (Fibonacci 0.382, a level always reached inside the Megaphone's corrections).
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Even though it is a major long term bullish development, we see a short term sell opportunity as the 1day RSI is reversing, signalling a loss of strength on the 5 day rally.
The long term pattern remains a Bearish Megaphone, so such minor technical correction is justified.
Sell and target 4270 (Fibonacci 0.382, a level always reached inside the Megaphone's corrections).
Follow us, like the idea and leave a comment below!!
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