The S&P500 has recently seen a small sell-off towards the 4600 area. As we are at year-end many are making predictions as to where the SPX will be in 2022. Almost everyone predicts a level above 5000 which is very bullish. From a technical perspective, the RSI indicators on the 4hr chart are in oversold conditions (24) and the price has seen a small bounce from the 4600 area. We are close to all-time highs and considering the trend direction it makes sense that a retest of this level is likely. The target of this long position is the recent high of 4719. The stop loss area for this trade is at the 4600.00 level.