There's been many bullish divergence + higher low patterns happening on the daily chart of the S&P 500 leading to bear market rallies. It is now happening on the weekly chart which could suggest something more than just a bear market rally and instead an actual rally that leads to a bull market. To confirm the weekly bullish divergence, we want to see a higher low form in addition to the divergence, possibly around the 3600-3700 level.
However, it is important to note that the market can actually make a new low and this pattern could still be in play except instead of having a low + lower low in price and a low + higher low on the MACD, you would have a low + lower low + lower low in price and a low + higher low + higher low in the MACD. If a higher low is unable to form this time around, I would suspect we would see the next low around the bottom 2, green dashed lines.
However, it is important to note that the market can actually make a new low and this pattern could still be in play except instead of having a low + lower low in price and a low + higher low on the MACD, you would have a low + lower low + lower low in price and a low + higher low + higher low in the MACD. If a higher low is unable to form this time around, I would suspect we would see the next low around the bottom 2, green dashed lines.
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