S&P500: Formed new bottom. Expecting a rise.

12 set 2023

The S&P500 index has hit the 0.382 Fibonacci level after a 4H Golden Cross that turned the 4H technical outlook bullish (RSI = 59.782, MACD = 9.210, ADX = 36.280). As mentioned before, this is the same fractal of December 2022 to January 2023. Holding the 0.382 was key to sustaining a rise to the 1.236 Fibonacci extension. We remain bullish on S&P500, targeting the current 1.236 Fibonacci (TP = 4,670).

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