holeyprofit

Still short 3790 but out over 3800.

Short
SP:SPX   S&P 500 Index
Indices have sold off the resistance levels and then went parabolic back to retest them. Near term trend will probably be determined by what happens here. If there’s a breakout here we’re probably going to switch short term bias to long and buy retests. If this rejects from here capitulation if we break low made today seems very likely.

Tolerance for a false break-out up to 3800 but if we’re trading and closing big candles over 3800 that’s a bear exit. All swing short stops 3819.

  • Risk to reward on the short here at 3790 is very good.

    Failure of the short on this level annuls near term short plan.

    Bear should not be able to close 1 hour above 3800.

    Bear rejection should come somewhere around 3795 - 3805.

    Failure of bear plan here likely 3830 and 3890 hit.

    We’d probably buy a retest of our broken stop (Pending review in real time).



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