tradingdiaries
Long

Reverse head and shoulder S&P 500

FX:SPX500   S&P 500 index of US listed shares
The S&P500             shows a nice reversal head and shoulders formation on the chart.

The S&P             is moving in an uptrend for the last days and weeks. I think this formation shows good that the trend will continue after a pullback.
The neckline of this formation is also at the 38.2 fib level of the last upside move. So I expect a short term price fall back to 2083 +/-. And then the price should go up to an area around 2115-2120.
Comment: Right now the price is back at the neckline, I will watch the chart now for a good opportunity to move in and open a long trade. I will update the chart again if that is the case and I found a good entry.
Trade active: The price is back at the neckline.
I will open a trade now with a tight stop loss below the last low under the neckline.
Target is around 2110-2120. Will see how it works.

Just to mention it, this is no edvice to anyone to do as I do. Do your own analysis and decide if you want to take a trade or not. This is just my opinion.
Trade closed manually: I closed my trade today after the price bounced back. So I closed at 2091 my trade and took a profit home. Now I will stay out of the market until the referendum for the "Brexit" is over.
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
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 Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out