SPX has been trading upwards and seems to have tested a resistance level. Two Possibilities exist here. Firstly, the instrument will be expected to sell off from this point if it fails to break resistance levels and test previous support levels. Secondly, SPX can break resistance and continue to move to the upside.
Say the second statement is true, then the instrument can rally to as much as the 4100-4200 region, creating record highs, only to tank to the 3300-3200 support region.
For now, it is in my best interest to place a sell limit order at entry level 3990, with stops at 4100 and targets at 3300.
Trading ideas are subjective. Individual analysis advised.
Say the second statement is true, then the instrument can rally to as much as the 4100-4200 region, creating record highs, only to tank to the 3300-3200 support region.
For now, it is in my best interest to place a sell limit order at entry level 3990, with stops at 4100 and targets at 3300.
Trading ideas are subjective. Individual analysis advised.