SPX has fallen tremendously over this week, largely due to speculation over the corona virus. based on Support areas from different timeframes and a moving average on the Weekly I would look for a bottom around the 2685 area with hopes of us filling the gap left at 3300. If it continues to hover around this 3000 area into next week a short opportunity may present itself.
Trade active:
because of the strong weekly push on friday and strong opening this morning, I switched to a bullish sentiment to the extent that i bought in at 3020 mid-day. Hoping for a sharp bounce to the 3300 area.
Trade active:
I got stopped out of my bullish trade for a minor loss and switched to a short at the end of the day at 2950 based on the weekly finish. Looking for the 2685 area I originally hypothesized.
Trade closed: target reached:
Closed the short trade with 18% profit (3x leverage) best of the year so far. I have a buy order open at 2666 but feel like there should be some relief 1st. This was one of the worst single day drops in history.