S&P500 Following 100% the plan. Now pricing a bottom.

The S&P500 index followed our last projection we made on January 04 as after it held the Higher Lows of the October Channel Up, it rose substantially and got rejected on the Bear Cycle's Lower Highs trend-line (January 04 2022 trend-line):


This happened because it failed to close a 1D candle above this huge Bear Cycle Resistance, same it did on December 01 and December 13. This time however the 1D MACD shows that we are closer to the new long-term bottom than ever as it follows the October Bullish Cross to Bearish Cross sequence on a tight time-window. Adding the fact that again the price is near the bottom (Higher Lows) of the Channel Up, we see a hold here more likely and immediate retest of the Bear Cycle's Lower Highs.

As mentioned in previous publications, we ideally want to see SPX close above the 1W MA50 (red trend-line), something it failed to do on the December 13 rejection. In that case, we will buy with a short-term target the top of the Resistance Zone (4140). For long-term buying we need to see the index close above the middle of the Channel Up.

On the other hand, if we close a candle below the Channel Up first, we will instead sell and target on the short-term the top of Support Zone 1 (3800) and under conditions that we will analyze if the bearish scenario prevails, the top of Support Zone 2 (3705).



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