SPX500 might have surprised quite a few traders as it rallied past 3235 mark in the last 2 trading sessions. Believe it or not, the overall structure continues to remain bearish until prices remain below 3400 resistance. Larger degree Waves (1) and (2) seem to be in place around 2200 and 3235 mark, as the indice is expected to resume lower towards 2200 with Wave (3) underway. We continue to maintain the bearish stance until SPX500 remains below 3400 mark. A break below 3000 would confirm that SPX500 has resumed lower and Wave (3) in progress.
Strategy:
Short against 3400, targeting below 2200
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 3400, targeting below 2200
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.