S&P may have reached a top near 4,235 offering opportunity to sell.
target 1 = 4,158
target 2 = 4,098
will have to assess price action as we progress if we are looking for a new low below 4,040 further on.
target 1 = 4,158
target 2 = 4,098
will have to assess price action as we progress if we are looking for a new low below 4,040 further on.
Comment:
The end of the week was volatile, it correct to stay on the side-line above 4,205 as suspected. No daily close above 4,248 though, but I think it may happen today and tomorrow, with a new all time high.
In the absence of sharp & convincing move so far, I suspect we might see this week closing below last week high (2,249). In that case the trade idea would remain in place.
In the absence of sharp & convincing move so far, I suspect we might see this week closing below last week high (2,249). In that case the trade idea would remain in place.
Comment:
FOMC reversed the up trend with S&P spiking through 4,205 and quickly reverse. Look for short entry around 4,235-4,245.
Comment:
the retracement to the above zone happened within the hour that followed my comment and price is now below the initial trigger at 4,205 confirming a setup towards more potential downside.
Comment:
Target 1 reached.
Now price on its way to retest resistance / bottom of the channel, hopefully leading to target 2.
Now price on its way to retest resistance / bottom of the channel, hopefully leading to target 2.
- Better wait for Entry =< 4,205.
- Invalidation of the idea for daily close above 4,248