fxtrader66

SPX weekly consolidation before breakout.

Long
FX:SPX500   S&P 500 Index
218 views
1
Looking to buy at bottom of the range or observed support. First level if resistance is in the 1870s, Second level of resistance is in the mid 1900s if this move is similar to May 2013.

Comments

This trade is not valid. Price broke thru last weeks lows and sold off hard. I would expect some sort of bounce next week, since nothing goes strait down. I would trade with caution on Wednesday of next week and not place any trades until the FOMC announcement is out, due to all the volatility spikes the FOMC can cause.
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While the CFD SPX500 shows this week to be an up week, the actual SPX was an alternating down week, the ES was a down week too. Am expecting a green weekly candle this week.
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