Minor update for what is going on with SPX. I was bullish SPX and I believed the wedge outbreak on the downside was a false breakout, thus invalid. That made me update the previous wedge.
We see SPX is hovering around 2900 level(Daily 100EMA), and it is caught between the Daily 100 EMA and the Weekly 100 EMA. In a wider band we see it is caught in between the Daily 50EMA and Weekly 50EMA.
Around the 2930 we see Fib 0.618 retracement and around 2950 we see Daily 200EMA and Weekly 50EMA. Given all these levels, there is a lot of resistance and therefore I expect heavy battling around the 2950 zone. For good sell sentry, sell around 2950 with SL 3050 and TP 2850.
We will for sure see retracement from 2900 levels. On a small scale, back to 2850, on large scale, potentially 2800. With the new highs however, I do believe we will test 2950 and potentially break it.
The interesting zones are indicated by blue boxes.
One trade idea could be wait for retracement and buy around 2850 with SL 2775 and TP 2950.
With strong believe, enter anywhere long in the blue box and aim for 3000-3100. Why not wait for retracement? Good exit is far more important than good entry.
Note that my long term view is definitely bearish. I just think we are just not done yet with the uptrend.
Trade well.
We see SPX is hovering around 2900 level(Daily 100EMA), and it is caught between the Daily 100 EMA and the Weekly 100 EMA. In a wider band we see it is caught in between the Daily 50EMA and Weekly 50EMA.
Around the 2930 we see Fib 0.618 retracement and around 2950 we see Daily 200EMA and Weekly 50EMA. Given all these levels, there is a lot of resistance and therefore I expect heavy battling around the 2950 zone. For good sell sentry, sell around 2950 with SL 3050 and TP 2850.
We will for sure see retracement from 2900 levels. On a small scale, back to 2850, on large scale, potentially 2800. With the new highs however, I do believe we will test 2950 and potentially break it.
The interesting zones are indicated by blue boxes.
One trade idea could be wait for retracement and buy around 2850 with SL 2775 and TP 2950.
With strong believe, enter anywhere long in the blue box and aim for 3000-3100. Why not wait for retracement? Good exit is far more important than good entry.
Note that my long term view is definitely bearish. I just think we are just not done yet with the uptrend.
Trade well.
My buy proposal of buying at 2850 would be executed right now, with SL at 2775 and TP at 2950. It needs more time to be closed with profit or loss.