A Possible Path For the S&P

CME_MINI:ES1!   S&P 500 E-mini Futures
Now that we've seen strong buying come in near support levels, we no longer have to guess where we might find bottoms. Given that we just rallied 116 S&P handles in a single day, I would not be surprised to see the bears have control at some point tomorrow (the 27th).

Where is it safe to be long? The chart above shows how we may be able to find support in the 2415-2400 level. If we pivot there, an inverse head and shoulders would be formed which should take us back for a test of the head-and-shoulders neckline break on the S&P daily charts (not pictured here) around 2620. This, however, will likely take many days to play out. I would expect to see another leg down from there.

Buy the S&P 500 on a pullback between 2400 and 2415. Use a stop of 2380, with a primary target of 2500 and a secondary target of 2625.
Trade active: Getting long here
Trade closed: target reached: Target 1 reached. There will be bumps along the way but target 2 is definitely feasible. Staying long.
Monster call. Can I ask how did you come up with 2400 support level?
+1 Reply
TradeWithAdam crotchgoblin
@crotchgoblin, I was imagining an inverse head-and-shoulders on the hourly chart (which seems to be exactly what's playing out), and you'll notice the left shoulder formed from Dec 21 to Dec 23 bottoming at 2400.
+1 Reply
crotchgoblin TradeWithAdam
@TradeWithAdam, Amazing thank you!
+1 Reply
TradeWithAdam crotchgoblin
@crotchgoblin, My pleasure, hopefully you made money!
+1 Reply
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