The American S&P 500 returned to the region above 3100. Recently the index testing the upper limit of the daily Bollinger Bands, which is also near to the bullish channel resistance line. That's why we may looking to short this market rather we would like to see a buying opportunity underneath.
The 50-day SMA is currently trading around the 3030 level, which is the top of the support “zone” that extends down to the 3000 handle. We like the idea of buying a bounce that we can take advantage of cheaper pricing. On upside the first target is at 3137, followed by 3200.
The 50-day SMA is currently trading around the 3030 level, which is the top of the support “zone” that extends down to the 3000 handle. We like the idea of buying a bounce that we can take advantage of cheaper pricing. On upside the first target is at 3137, followed by 3200.
Trade active:
Buy position opened at 3,080 with TP at 3,137 and SL - 3,030
Trade closed: target reached
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💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade