SPX500 continued its rally and hit 3353 levels yesterday. Futures are trading lower again around 3340 mark as we prepare to publish. It remains to be see how long the rally continues before bears are back. Bottom line, if the bearish structure need to hold, SPX500 should stay below 3400 mark and break lower. Immediate support is seen around the 3200 mark and a break there would certainly confirm a bearish reversal ahead. Alternately, if bulls are able to push through 3400 handle, SPX500 would test 3430/50 before finding resistance again. Probabilities for the alternate count remain less though.
Remain short, stop at 3400, target is 2750
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 at 3400, target is 2750
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.