S&P 500 Countertrend Opportunity sets up. I'm licking my chops.

SP:SPX   S&P 500 Index
We see an opportunity to get long on the S&P 500             daily.

Right now, price is around a weekly support/congestion level around 1825 that has formed a double bottom . This area shows to have acted as both support and resistance in the recent past, seen clearer in line charts based off the closing prices. My oscillator is showing bullish divergence on that double bottom .

We will use a 2618 strategy to become involved.

For a conservative entry opportunity, we will look for price to break the "V" or neckline of the double bottom and retrace into a .618. The illustration as to when the actual retrace will occur is simply for demonstrating a potential trade in action. Two contracts will be taken at that time, with the first target at the swing high and the 2nd at the 1.27 extension of the bullish move. If/when target 1 is hit, stops will roll to break even on our second contract. Stops go below the right leg of the double bottom . If price simply continues lower and doesn't break the neckline, well, we simply don't have a trade.

Folks, as of the market close 3/2/2016 we should be looking for the retracement into the .618.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out