The market is going between the freshly formed and confirmed support&resistance levels. So there is a very good opportunity for correlation trading.
I showed my vision of correlated moves in my previous ideas.
Now I am going to introduce another stock for correlation trading.
Cisco has big enough weight in the S&P 500, so correlation predetermined to be good.
Look on the SPY and CSCO charts. Actual corresponding support&resistance levels look so much alike. Correlation is good enough to expect future similar moves.
Following the correlation trading strategy, it is reasonable to wait for correlated level breaking. When SPY and CSCO simultaneously break their resistance levels, it will be possible to buy CSCO. When SPY and CSCO simultaneously break their support levels, it will be possible to short CSCO.
Do not view this idea as a recommendation for trading or investing. It is published only to introduce my own vision. Always do your own analysis before making deals. When you use any materials, do not rely on blind trust. You should remember that isolated deals do not give systematic profit, so trade/invest using a developed strategy.
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