US 500 (4H) catches its breath: pause or prelude to new high?
Overview: The US500 cash index is pausing its aggressive buying interest that started during Monday’s session, after successfully surpassing the 200-period SMA and the short-term descending trendline in the 4-hour chart.
Momentum: The stochastic oscillator is pointing marginally upward, while the MACD continues to extend its positive momentum, both suggesting further upside potential in the market.
Bullish Scenario: If the market undergoes a bearish correction toward the 7,720 support level which overlaps with the downtrend line, it may rebound and test the 7,770 resistance once again. Beyond that, the record peak at 7,816 lies ahead as a secondary target.
Risk: A breakdown below the 200-period SMA at 7,690 would cancel the current bullish structure.
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