HAL9000
Long

SPX on fire

SP:SPX   S&P 500 Index
After much suspenses and hesitation, last Friday was a celebration for the return of the bulls.
The index broke out from the consolidation range it had created in January.
The breakout took place in average volume , and the technical picture is now positive.

Next levels to watch:
- On the upside 2,790 / 2,875
- On the downside 2,742 / 2,676 / 2,650 / 2,600 / 2,575
Trade closed: stop reached: Breakout invalidated today. Market at risk. Looking to reduce risk and hedge positions, especially ahead of further volatility expected this week (Fed).
Id much rather be taking profits today on trades opened this time last month
Reply
HAL9000 SimonPhillips
@SimonPhillips, This is your call of course. Selling when the market is up-trending exposes you to the risk of missing further upside. If you are worried about protecting your gains -which you should be- then I suggest you identify a turning/support point in the market (or in the specific stock) which would be your signal to take profits. All the SPX support levels mentioned above are valid, depending on how much risk you are willing to take.
+1 Reply
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