OANDA

Buying a falling knife..? SPX

OANDA:SPX500USD   S&P 500 Index
US500 - Expiry in 24h - We look to Buy at 3676 (stop at 3602)

The medium term bias remains bearish .
The previous swing low is located at 3640.
Price action continues to gravitate towards crucial support levels with aggressive selling interest.
Support could prove difficult to breakdown.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
A higher correction is expected.

Our profit targets will be 3855 and 3905

Resistance: 3855 / 3911 / 4155
Support: 3645 / 3210 / 2780

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