S&P500 is pricing the new Low of the bullish leg.

The S&P500 (SPX) hit today the 4H MA50 (blue trend-line) again and the Higher Lows since the March 13 bottom. That was a bottom on the 5-month Channel Up and the best buy opportunity on a 1 month time-frame.

With the 4H RSI sequence similar to the Higher Lows of the previous bullish leg in late December/ early January, we see SPX attempting to price the new Low. This is a new buy opportunity. Our long-term target of 4190 is intact.


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