S&P500 Strong Buy Signal flashed for the 3rd time in 2 years!The S&500 index (SPX) is comfortably trading above its previous All Time High (ATH) and shows no signs of stopping here. Coming off a 1D MA50/ 100 Bullish Cross, we expect the 1D MA50 (blue trend-line) to turn now into the first long-term Support going towards the end of the year.
The last 1D MA50/ 100 Bullish Cross (December 15 2023) was nothing but a bullish continuation signal, which extended the uptrend all the way to the 2.0 Fibonacci extension, before a pull-back test of the 1D MA100 (green trend-line) again.
The 1W RSI is now on the same level (63.30) it was then. In fact it is also on the same level it was on June 05 2023, which was another such bullish continuation signal that peaked on the 2.0 Fib ext.
This suggests that we have a rare long-term Buy Signal in our hands, only the 3rd time in 2 years that has emerged. Based on that, we should be expecting to see 7600 as the next Target before it hits the 2.0 Fib ext and pulls back to the 1D MA100 again and there is certainly enough time to do this by the end of the year, assuming the macroeconomic environment favors (trade deals, potential Fed Rate cuts etc).
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