Let's think about possible trades for S&P500
. We have an up trend which is confirmed by DMI
. Price reached MA20 and could not break the line. Do we have price reversal from MA? It looks so with RSI
confirmation. Wait for MACD
reversal and after that we'll think about entry levels for long trades based on the daily and hourly charts. Profit target can be 2200 level. But if price breaks MA20, we'll see a bearish
candle closed below this support line. MACD
will confirm down movement. We'll have to open short trades based on hourly charts with profit target near 2120.