Stop is pretty tight here, around 2123 for the SPX. We can enter longs here (I'm in from 2131.7, but was busy to post) It's still a good entry here, so feel free to jump in with 1% risk. I expect it to retest the all time high. We have a pending time at mode target which I'll illustrate after posting so you can jump in quickly.
Good luck,
Ivan Labrie.
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Trade closed manually
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I've booked my long and will rebuy on dips next week. If all goes well, after the FOMC, we'll see continuation into the highs. Booked 0.9R. I'm long in various individual stocks meanwhile.
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I'm getting long once more, keep a good eye on the October close.
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The October close confirmed the uptrend signal in SPX, we retested the mode and we should see a resumption of the rally here.
whats going to be the catalyst for the continued stock climb here?
IvanLabrie
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I don't know yet, but probably related to corporate taxes in the long term. Right now, the thing is we're at a huge technical support level and sentiment is at an extreme of bearishness.
ahmetnmsl
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What s your ground on this ?
IvanLabrie
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Technical, mostly, but fundamentals aren't as bad as people think.
The setup can fail naturally, so, you have to take the correct position size if going long.
ahmetnmsl
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It is ok but when i look at the monthly chart and seeing a bearish divergence on rsi ,i hesitate a bit to go long. also fundamentally, today us had a better than expected inflation rate.. so this will increase the rate hike ?
IvanLabrie
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Rate hike odds, that was probably why it fell, and oil falling due to supply news but I believe those are short term distortions in price.
It's worth a shot here at least.