S&P500: Bullish for the next 10 days at least.

The S&P500 hit the 1D MA100 (green) on Friday for the first time since September 13. The rebound started off a Double Bottom and broke above the dashed Lower Highs trend-line that is consistent with all previous short-term rallies in 2022.

Based on that, the price should stay bullish for at least the next 10 days and hit the 1D MA200 (orange). We can even make a case for a potential long-term bullish reversal above the bold black Lower Highs trend-line, as the 1W RSI has been trading within a Channel Up on Higher Lows since June 21, while at the same time the index made Lower Lows. This is a Bullish Divergence on the long-term but we will have time to analyze this in the coming days if the major breakout occurs.


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