S&P 500 Index - Update Next Buy Points
A fantastic clean break gave an entry at 2635 and showing
about a 60 point profit so far to add to the massive short on
this index right down to the lows on Monday. So far this has
been the most profitable week for shorts and then longs on
the major indexes for over 2 years. We've had the easy part,
now it gets a little more difficult again...
It's now probing resistance at 2700 and can come back to 2668
before rallying again. So can close down the long or
alternatively place a stop close under it to trap in profits if it
does come off more from here first before the next rally kicks in.
On the upside there is resistance potential stretching from
2700 up to 2715 - it has to penetrate and hold 2715 to trigger
the next long which should take it to 2732 to begin with and
then after consolidating to 2762 and close to the upper rising
parallel where will look to take profits again if touched.
On downside, if it comes off from here back to 2669-2660
line will look to buy here with stops below 2260.
Any break below 2260 will signal a retest of the lows - and if
we see this will look to buy again from there.
Otherwise can run this long but with stop quite tight under
price from here to trap in profit if it does fall away to 2669 first.
A fantastic clean break gave an entry at 2635 and showing
about a 60 point profit so far to add to the massive short on
this index right down to the lows on Monday. So far this has
been the most profitable week for shorts and then longs on
the major indexes for over 2 years. We've had the easy part,
now it gets a little more difficult again...
It's now probing resistance at 2700 and can come back to 2668
before rallying again. So can close down the long or
alternatively place a stop close under it to trap in profits if it
does come off more from here first before the next rally kicks in.
On the upside there is resistance potential stretching from
2700 up to 2715 - it has to penetrate and hold 2715 to trigger
the next long which should take it to 2732 to begin with and
then after consolidating to 2762 and close to the upper rising
parallel where will look to take profits again if touched.
On downside, if it comes off from here back to 2669-2660
line will look to buy here with stops below 2260.
Any break below 2260 will signal a retest of the lows - and if
we see this will look to buy again from there.
Otherwise can run this long but with stop quite tight under
price from here to trap in profit if it does fall away to 2669 first.