S&P500: New 1H MA50 rejection eyes the 1D MA50.US 500 IndexPEPPERSTONE:US500InvestingScopeS&P500 has turned neutral on its 1D technical outlook (RSI = 51.056, MACD = 79.990, ADX = 37.974), a long way from its overbought state just as recently as last week. Friday's selloff turned the 1H RSI highly oversold and this is the reason for today's early rebound, like the oversold rebound on the June 3rd low. The U.S. session opening saw the index fail to test the 1H MA50 and so far rejected just under it. As long as it remains a Resistance, the market could make at least a 2.0 Fibonacci extension test (TP = 7,230). This would also put the 1D MA50 to test, the market's first major Support. See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##