The 2652 level is the .382 of the recent structure, it also represents the middle of the range at the moment. There is no advantage to trading the middle since price action is most random here. There was a , candle combination off of the 2615 which served as a long trigger, but because of the location, this is a low probability scenario for a swing trade long. On the other hand, for day trading or scalping purposes, this trigger offered plenty of opportunity since profits are generally taken quickly when employing such short term strategies.
The next most attractive level for a swing trade long is the mid to low 2590s. Not only is this within the 2615 to 2587 (.618 of recent structure), it is also within a minor reversal zone boundary. That is where we want to see reversal patterns that offer well defined risk levels.
Keep in mind, if price continues higher from current levels, and breaks the 2690s, a retest of the 2710 to 2751 (.618 of recent structure) would be more likely and that is the area to consider for swing trade or day trade shorts. You do not have to trade the S&P outright in order to capitalize on this information. At S,C, we use the S&P to help time stock and options trades, since it serves as a gauge for the broader markets. Make sure to check out our stock and option performance page if you are a more advanced investor.