SPX500 (cash segment) has print 2954 before closing at 2912. After several days of the anticipated move, the indice finally hits resistance zone around 2900/30 levels. This is also fibonacci 0.618 retracement of Wave (1) on chart. In addition to this a Head and Shoulder pattern which was in the making since 2345 support was broken earlier, has now carved its Right Shoulder at 2945 as expected and marked on the chart here (rectangle). The next larger move should be lower towards 1700 and 1450 as Wave (3) unfolds. Immediate price resistance is at 3140 levels and ideally SPX500 should remain below that.
Strategy:
Short against 3200, targeting 1700 and 1450.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 3200, targeting 1700 and 1450.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.