SPX - it's a long way to the... (D, W, M outlook)

FX:SPX500   S&P 500 Index
226 0 7
You're not fooling anyone if you haven't thought about shorting the S&P500             . And that in itself is a good reason to not want to jump in now. Then the charts show while it's kissing R1 on Daily, this engine has not yet run out of steam and we could see some shorts burnt out before it truly decides it wants to go south.

Any scalping is risky, even if 3-5min on open did look tempting, to me the smarter move appears to be waiting to see how we progress at 2080-2100 mark before jumping in.

But initial targets are forming up to be:

-- if going LONG, then TP1 2137.2 and TP2 2191.3
-- if going SHORT, then TP1 2021.5 and TP2 1968.3

Good luck with the week ahead everyone.
Comment: An alternative view - NorthamTrader, of Twitter fame, posted this today:

Comment: Starting to look good. Waiting for a bounce before I enter short.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out