S&P500 INDEX (US500): Bullish Pattern... Again!

It is not surprising that the US500 is currently experiencing a robust bullish trend. However, following a peak at the 5,776 level in September, the index started to consolidate.

After breaking out of this consolidation, the market has formed an ascending triangle pattern on the 4-hour time frame.

A strong bullish signal will be given once the neckline of this pattern is broken. Confirmation of this breakout will be seen with a 4-hour candle closing above the 5,891 level.

If this breakout occurs, a continuation of the bullish trend can be expected, with potential targets at 5,949 and ultimately the psychological level of 6,000.
RectangleSupport and ResistanceTriangle

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