Kumowizard
Short

SP500 - Take profit, correction is more likely now

FX:SPX500   S&P 500 Index
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2
Watch price development, as I think this Bull deserves some rest.
Now also 4H time frame suggests that correction is likely to come to a minimum tgt of 1820-1825.

You can say 1 % is not a big deal... well, it is not until the bottom of the thick cloud on 4H chart is so far away and Chikou (dark blue lagging line) does't cross down px candles.

Let's see how it plays out, and watch if we get there. Then we can check if it will enter sideaway consolidation, break down, or gets bullish momentum back and gives a new buy signal.

Ideas:
1. Take partial profit on outright longs.

2. buy March 1825 (LP) / 1785 ( SP ) Put spread for ES ( E-mini S&P 500 futures ) - mid px is abt 10 points, which is the max risk on the trade vs max profit of 35 points. Options exp . is 30 days from now.

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