💾 SPX Moves Above MA200, Major Development But...

١٨ يناير ٢٠٢٣

Yesterday the S&P 500 Index closed above MA200, a most important level for long-term growth but also a very tough one in the past few months.

Just in December the SPX tried to move above MA200 but failed, a strong rejection took place.

Again in November this same feast was attempted but nothing, the next day a rejection took place.

Back in August 2022, the same, rejection.

In March 2022 the SPX managed to stay above MA200 for a few days but it was pushed back down.

Right now the chart doesn't look very promising, the index did move above this level but it has been doing so on weakness.

Let's look at both sides:

We have a higher low Dec. vs Oct. '22, which is positive.
The move above EMA100 and EMA50 is also positive.
The fact that the FED won't meet again until February is also positive, because the market crashes every time the rates are increased, no increase the market takes as a relief.

Now, the RSI is strong but curving down.
Too early to say since the SPX just broke yesterday above this level...

We get mixed feelings but we go with the chart signals.

The chart is bullish and says up.
This would match crypto, Bitcoin & Altcoins, which are also going up on a very clear and strong bias...

If it drops, we still see a potential higher low leading towards a new high vs August 2022 before any strong bearish scenario can be considered or come into play.

Namaste.