S&P500 just needs to recover the 1D MA50.

Sep 10

The S&P500 recovered yesterday a great deal of Friday's losses but still that wasn't enough to reclaim the 1D MA50 (blue trend-line), which was lost as the short-term Support level. As you realize, this is the key in order to resume and sustain the uptrend that started after the August 05 rebound near the 1D MA200 (orange trend-line).

The long-term pattern is a Channel Up and even before that since late 2022 and the bottom of the Inflation Crisis, the index only once corrected below the 0.5 Fibonacci retracement level (the October 27 2023 Low). We mention that because Friday's decline stopped exactly on the 0.5 Fib.

Every rise that followed until the next correction, reached at least +10.50% from the 0.5 Fib. As a result, once the index reclaims the 1D MA50, we will buy and set the next medium-term Target at 5950 (+10.50% from the 0.5 Fib).

Notice also that yesterday's rebound was made exactly on the 1D RSI's Symmetrical Support, a level that initiated the December 19 2022 rebound.

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