SPX long scalp within the consolidation? 🤔
Hello, good day traders! 👋🤙
I'm looking for a potential buy📈 setup for $S&P 500 Index(.SPX.US$ , with both fundamental and technical indicators to back it up.
📰Fundamentally,
In terms of the 200-day moving average, the SPX rose above this trendline on Wednesday, which has historically had bullish implications, after spending a long time below this popular moving average.
🤔On the technical front,
1.) Looking at the H4 chart, my overall bias is bullish with the price above the Ichimoku cloud, indicating a bullish market.
2.) Looking for a potential buy entry at 3907.07, where the 50% Fibonacci line is.
3.) Stop loss will be set at 3806.91, where the 38.2% Fibonacci line is.
3.) I am looking to take profit at 4097.29 where the 78.6% Fibonacci line is located.
Trade Entry recommendations:
Buy Entry: 3907.07📈
Take Profit: 4097.29 💲
Stop Loss: 3806.91❌
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