SPX Rallying 📈 let's go!

Hello, good day traders! 👋🤙

I'm looking for a potential buy📈 setup for $S&P 500 Index (.SPX.US)$, with both fundamental and technical indicators to back it up.

📰Fundamentally,

The S&P 500 rallied and closed above its 200 day moving average for the first time since April after the release of Powell's remarks prepared for delivery at the Brookings Institution think tank in Washington.

Bets that the Fed will reduce the size of its rate hikes, as well as recent data pointing to a mild cooling in inflation, led the benchmark S&P 500 index (.SPX) to its second straight month of gains.

🤔On the technical front,

1.) Looking at the H4 chart, price tapped into my buy entry at 4031.44, where the 61.8% Fibonacci line is located.

2.) I have a pretty safe stop loss set at 3907.07, where the 50% Fibonacci line and previous low is.

3.) I am looking to take profit at 4177.51 where the 78.6% Fibonacci line is located.

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Trade Entry recommendations:

Buy Entry: 4031.44📈

Take Profit: 4177.51 💲

Stop Loss: 3907.07❌

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