SPX Hit Major Resistance Levels In the hours before the election result I posted some longform swing plans on SPX covering the event of a 1.27 hold marking a low.
The stages of this would been a parabolic move off the 1.27. A run up to 2.20. Some sort of stall there and then a follow through to 2.61.
We now have all stages of that and in the 6050 - 6080 area I exited all my SPX longs taken in the wake of the election and began to build up a short position again.
2.61s are polarising levels. Now the 2.61 has hit the odds of a clean move to one side or the other is very high. 2.61 breaks result in parabolic moves to 3.xx fibs and failure of the 2.61 usually means capitulation to at least the 1.27 (round tripping this rally).
Spent last week shorting / buying puts into the rally to position for the possible 2.61 rejecti0on.
