SP500 fell lower but gain back all its losses quickly leaving a pin bar on the chart. The trend is bullish which add weights into this trade. My first target would be the resistance above at 2,117. Why I go long: Bullish trend Pin bar with long wick Price rejects the 2,089 support level
The ES is moving slow and forming a nice flag. We have moved our stops up to further protect profits. If the flag breaks to the upside then we will expect the 2120 to get hit. With a good amount of economic news this week (including NFP) we will either get stopped out or hit our target. Either way it has been a good trade.
The behaviour of the index suggests a bullish bias. Good time to look for long entries on single stocks.
Directly after breakout out of an ascedning wedge pattern, the SPY is not forming a descending triangle. This is a bearish formation that is corroborated by weak indications from RSI, MACD, and Stochastics
The S&P 500 is still ripping & is still going up. Puttin up shorts is against the trend & can lead to margin calls. But could the S&P500 bullish trend ending soon? It looks like an ascending wedge, a short would be great if the trend changes. All the indicators are still green & it did not broke out of the ascending wedge. But we know.. what goes up will go...