We like the short side of the S&P 500 at the current level of 2172 and adding on a possible short term move higher to 2180 and/or 2186. Our downside initial target is 2155 and and final exit target is 2151. Of course this could develop into a larger move lower if 2151 is broken decisively and then the 2083 level would be the next level of interest.
Trade active: So we got the move higher as expected to the 2186 level. We just added to our short position and looking for a sell off here to target the 2151 level. http://www.thecharttraders.com
Trade active: Still expecting price action to move lower to hit our target levels as shown in the chart.
Trade closed: target reached: Price action moved lower to hit our target level as expected at 2151. Nice trade for those that joined us. We remain longer term bearish but are going to take a step back an evaluate price action again to anticipate the short term direction. Not that price action is through the 2151 level, continued bearish price action would target the 2083 level.