SPX Is Having A Little Push Squeezing The Tush !
Hey my fellow traders! How's it go?
Hope all of you are careful out there and making profits $$$.
Some of you might be getting overwhelmed by some choppiness and rumors coming from all directions. I will do my best to share my spin on what I see on the charts and give some of you a perspective you might not have visited yet.
Let's take one bite at a time so we can get a good chew making it's easier to swallow.
SPX daily on Oanda has a downward sloping trendline. Price is rising with some momentum giving a hint that price has intentions to test or hit that area around 5160, depending how long they take to get there. For now let's assume from Friday to next week. 5160 is an area to watch and see if they break out of or fall back into the down trend.
Remember the trend is still down until not, but one can still scalp good profits from a counter trend trade soooo, Just use caution if you do.
Hope all of you are careful out there and making profits $$$.
Some of you might be getting overwhelmed by some choppiness and rumors coming from all directions. I will do my best to share my spin on what I see on the charts and give some of you a perspective you might not have visited yet.
Let's take one bite at a time so we can get a good chew making it's easier to swallow.
SPX daily on Oanda has a downward sloping trendline. Price is rising with some momentum giving a hint that price has intentions to test or hit that area around 5160, depending how long they take to get there. For now let's assume from Friday to next week. 5160 is an area to watch and see if they break out of or fall back into the down trend.
Remember the trend is still down until not, but one can still scalp good profits from a counter trend trade soooo, Just use caution if you do.
Well, SPX on Oanda hit the top of the descending trendline on the daily. 5142.2 area.
I mentioned the 5160 area around 10 days ago but in the meantime the slope has dipped lower putting the trendline at today's high.
Big question is ; Do they break out above on Monday or pull back and continue the trend lower? Million dollar question.
If you haven't taken at least 50% profits here you now have to wait until Monday to find out if that was a good idea to hold 100% of the $$$ over the weekend.
Monday holds the key to where we head to next. Even if we break above the TL price could still fall back into the downward trend so I would like to see a test of the TL to hold and price to bounce off before hanging on to what ever longs you have left if any. If price reverses from here we head lower. See my latest post on where price could end up if the down trend continues.
Wishing you all a great weekend and great profits $$$ Cheers my peeps!