S&P500 Megaphone and MA50 (1d) call for a buy.

٤ مايو ٢٠٢٣

The S&P500 failed to cross over the 4195 Resistance (1) and the rejection pulled the price back to the MA50 (1d).
In the process, a Megaphone pattern has emerged and today's decline hit its bottom.
This is a strong short term buy signal.

Trading Plan:
1. Buy on the current market price.
2. Sell if it closes a 1d candle under the MA50 (1d).

Targets:
1. 4195 (Resistance 1).
2. 3950 (bottom of the long term Channel Up).

Tips:
1. The RSI (1d) is bearish, trading under the MA level. The Support Zone where the previous two Higher Lows of the Channel Up were priced is lower. Use it as an additional entry signal for a potential bottom Buy.

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Notes:
Past trading plan: