AlexandreNygal
Long

SPX500 : Great Risk Reward ratio for a long position

SP:SPX   S&P 500 Index
The S&P500             is following a bullish trend since many months, which is materialized by ascending top and bottoms, plus an ascending trendline support.

Recently, the index is consolidating between 2120 and 2189 ( ATH             ). Now, it has made a bounce at 2120 support. The hammer candle shows the domination of buyers at this price on the US stock market, probably for at least three reasons :
- Presence of an horizontal support, previously resistance (polarity principle)
- Presence of the ascending trendline support
- Match with the 38.2% fibonnaci retracement of the last bullish wave (1998-2189).

Strategy :
Open long position at the current price (2132 points)
Stop @ 2110
Target @ 2160 (to make sure you will be executed if the scenario is realized)
Trade closed: stop reached: Stop reached today : position closed.
The support area is broken, the dynamic becomes bearish. This analysis is no longer valid and the chart out of date.
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