S&P500 rebounding on the 4H MA200 and Channel Up bottom?

The S&P500 index (SPX) is rebounding today after making a Double Test of the 4H MA200 (orange trend-line). This is just over the Channel Up pattern's bottom (Higher Lows trend-line).

The sequence resembles the November 04 - 10 Higher Lows fractal (also based on the 4H MACD) and what happened then was an instant rise to the top (Higher Highs trend-line) of the Channel Up.

This time, especially ahead of Tuesday's CPI and Wednesday's Fed Rate Decision, the index is limited first to the 4H MA50 (blue trend-line) and then obviously the Lower Highs trend-line that has been holding (and forming all of the 2022 High rejections) since January 04. Notice that on the (red) 4090 - 4100 Resistance Zone, we also have the 1W MA50 (red trend-line), the last major MA standing.

As a result if the price breaks above the 4H MA50, we can take the bullish break-out signal and target just below this highly important Resistance cluster at 4080. A break above the 1W MA50 can be used as a buy continuation signal and target the top of the Channel Up (4170 - 4190) short-term. On the other hand, a closing below the 1D MA50 (green trend-line), which is the medium-term Support, will be taken as a bearish break-out signal targeting the 3700 Support Zone.


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