S&P500 Trade the Megaphone's breakout

The S&P500 is trading inside a Megaphone pattern, which in December 2022 broke to the downside and hit Fibonacci 0.236 of the Channel Up.

With the 1day MA50 supporting however for 40 straight days, it is equally probable to see an upward breakout.

If the price crosses over the Megaphone, buy and target the top of the long term Channel Up at 4350.

If it crosses under the Megaphone, sell and target the bottom at 3950.


Previous chart:

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