SPX500 line in sand is 3400 for bears to remain into play
SPX500 trades around 3370 for now, after hitting 3388 mark yesterday. Price action remains subdued for now but it is critical for 3400 to hold if bearish structure is to remain intact. Having said that, also note that upside would remain limited even if 3400 breaks. It is better to avoid getting into any bull trap if prices pierce above 3400, going forward. On the other side, a break below 3200 would confirm that the indice has topped and bears are back in control. Either way SPX500 remains vulnerable for a bearish reversal anytime soon.
Remain short, stop @ 3400, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop @ 3400, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.