Bull Case - S&P500 to 4113
Bull case gives a target for longs of 4113 - at 1.618 fib extension of February 2021 correction and top of ascending broadening wedge. Could see this play out as quick as this week or next week.
Still not 100% convinced the bear case is over given US Dollar index (DXY) price action and Bond yield (US10Y / US30Y) price action of late - but if it is this is the logical next target on daily timeframe.
4hr is slightly extended and could see some pullback overnight / tomorrow - if 3950ish (purple dashed trendline) holds this is a good entry spot.
Still not 100% convinced the bear case is over given US Dollar index (DXY) price action and Bond yield (US10Y / US30Y) price action of late - but if it is this is the logical next target on daily timeframe.
4hr is slightly extended and could see some pullback overnight / tomorrow - if 3950ish (purple dashed trendline) holds this is a good entry spot.
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Purple TL touch Trade fechado: objetivo atingido
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may well continue higher (perhaps to top of ascending broadening wedge) but 4hr looks very toppy imo - would like to see a healthy pullback before continuation higher to new ATHs - whether looking to short or open more longs at support targets for pullback as follows:- TP1 - 4000 - retest of purple (2020 lows) trend line
- TP2 - 3964 - retest of previous ATH
Daily -
4hr -
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