Short 40% stop 2125 on close
Time stop 2nd of march if above entry on close.
As soon as close below 2100 move stop to entry. (no loss)
Reasoning:
1) Monthly R2 was reached (Monthly R2 was never reached since May13).
2) The monthly ATR is 97 and the current range for February is already 138 (which, apart from Oct14, is the widest month since Oct11).
3) The area is confluence of trendlines (which are not very precise but should cap overall.
4) The news are out, the progress has been tepid the last few days. Each point higher is laborious.
5) SPX has been in upside posture for 18days (apart from oct/nov14) this is close to the longest streaks in 2013..
I think the upside is very limited overall and even more before the end of February.
The question is more if SPX can stay flat at the top for a while (which it did a few times: Nov14, Sep14, Jul14, jan14, Jul13..). The longer it stays at the top, the more confident the bulls will be.
Time stop 2nd of march if above entry on close.
As soon as close below 2100 move stop to entry. (no loss)
Reasoning:
1) Monthly R2 was reached (Monthly R2 was never reached since May13).
2) The monthly ATR is 97 and the current range for February is already 138 (which, apart from Oct14, is the widest month since Oct11).
3) The area is confluence of trendlines (which are not very precise but should cap overall.
4) The news are out, the progress has been tepid the last few days. Each point higher is laborious.
5) SPX has been in upside posture for 18days (apart from oct/nov14) this is close to the longest streaks in 2013..
I think the upside is very limited overall and even more before the end of February.
The question is more if SPX can stay flat at the top for a while (which it did a few times: Nov14, Sep14, Jul14, jan14, Jul13..). The longer it stays at the top, the more confident the bulls will be.