hankchef

SP500 Apr 27 trading journal

FX:SPX500   S&P 500 index of US listed shares
283 1 5
1. S&P500            
SP500 reached lower to the Dec             . 2015 support in the morning and hold above it before and after FOMC.Closed at 2095.1 which is under the recent swing high resistance. This pattern looks not like not a strong reversal. But by penetrating the .618 level of the last down trend of wave a-b-c, .786 ( 2013             ) is next target.

Looking for a short entry @ 2013             if it shows a sign of top, SL @ 2112.5, TP@ 2093.5, this is not a trade with good P/L ratio, so it is ok to ignore it. But the new wave a is not likely to surpass wave a/1 @ 2110, which adds to the safety of this trade. Anyway, don't follow my trade since I cannot elaborate every detail in this trading journal, and also I only have 40% of chance to win as a day trader.

2. OIL            
snapshot
OIL             divergence on daily chart . A major correction may happen before the end of next week.

Comment: correction .786 (2103)
Comment: call missed. testing FOMC. this confirms the resistance @ 2100
Thanks. In addition to retracement levels, ES_F, 2097.75 is veritable fortress as determined by confluence surrounding the level. To convert to $SPX, we add approx 5.5 points and arrive at 2103.25 the level you discuss. I will be watching these levels very closely and upon any hint of failure I will short with modest expectations of around 7 points.
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