S&P500: Channel Down bottom and HL Support cluster. Buy?

S&P500 hit today the HL trendline from the August 18th Low, while approaching the bottom of the Channel Down pattern. Despite this short term weakness, the 1D timeframe remains on neutral technicals (RSI = 46.932, MACD = 8.582, ADX = 32.119). This indicates that it may be an opportunity for sideways trading until we see a clear long term trend.

Consequently, we are buyers on this level, expecting a rebound to the top of the Channel Down and the 0.786 Fibonacci level (TP = 4,490).

Prior idea:


## If you like our free content follow our profile to get more daily ideas. ##

## Comments and likes are greatly appreciated. ##