FX:SPX500   S&P 500 index of US listed shares
742 1 1
The chart illustrates the risk reward.

Both SP500             and DAX             are hugging their resistance.

Although big moves over 4 weeks are skewed down, there is no way to know if the market is going to elect for more grinding over 4 weeks.

Price Action reading: 2 weeks ago the setup could easily have delivered a correction but the news flow was relatively positive and supported 2/3% upside over 3 weeks (Denmark cutting, Yellen confirming stance, China Cutting... coming close to ECB QE ....)

In short: upside is limited but resilience could occur.
A dangerous long,
A potentially frustrating short.

My stance is short in a light fashion that would enable to survive resilience.
The key levels are:
2100 - 13d ema - if there is top resilience/grinding that is the level to defend in close.
2080 - is probably the level that if breached opens lower (although there are many other supports on the way

Key news flow:
ISM today
NFP Friday
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out