S&P500: bottomed on Inverse Head and Shoulders.

9 gen

S&P500 turned bearish on its 1D technical outlook (RSI = 42.446, MACD = -21.350, ADX = 28.601) as it is under the 4H MA50 since Tuesday. Even though it is on a 4H MA200 rejection, the short term technical pattern that has emerged is an Inverse Head and Shoulders, about to complete the Right Shoulder. With the long term pattern being a Channel Up, we can technically target its top (TP = 6,200), which is under the 2.0 Fib target of the Inverse Head and Shoulders.

## If you like our free content follow our profile to get more daily ideas. ##

## Comments and likes are greatly appreciated. ##