SPX Potential for Bullish Rise | 25th January 2023 for SP:SPX by desmondlzw

Looking at the H4 chart, my overall bias for S&P500 is bullish due to the current price being above the Ichimoku cloud , and there is an upside trend line , indicating a bullish market. If this bullish momentum continues, expect the price to continue heading towards the 1st resistance at 4039.31, where the recent high is. In an alternative scenario, the price could possibly head back down to break the 1st support at 3888.39, where the 50% Fibonacci line is, before heading towards the 2nd support at 3764.49, where the recent swing low is.

thus, the buy entry is at 4024.06 stop loss at 3970.91 and the trade take profit at 4099.49.

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