Buy opportunity - SPX retracing
Yesterday we made a new high at 2970, bullish signal. Of course, we see retracement.
Looking at the hourly graph, we see SPX is retracing towards 2850, the high off 14th of April and the battling around the same level early March.
Since RSI on hourly is getting oversold now, and we have a trendline starting on 7th of April and being tested twice, this could act as support. On top of that, we see the Daily 50 EMA coincides with this trendline.
Two supports and oversold market, a strong uptrend last month: seems a good level to buy.
If you want to be long, buy 2850 for guaranteed position, or wait for 2820 or 2800 for better entry.
Profit level for small trade: 2900 (Daily 100 EMA)
For more profits, and risk, profit level around 2930(0.618 fib level), 2950 (Daily 200EMA and Weekly 50 EMA), or around 3000-3100 if you are very bullish and can accept the risk.
Note that I am aware we broke out of the rising wedge yesterday, which is a bearish signal. We can trade down very fast, but I think we will see the bulls fighting back after breaking this wedge. Therefore, the long idea.
For a short opportunity, wait for retracement up to one of the profit levels mentioned for my long trade, and short. Could be a fantastic trade risk/reward wise.
Looking at the hourly graph, we see SPX is retracing towards 2850, the high off 14th of April and the battling around the same level early March.
Since RSI on hourly is getting oversold now, and we have a trendline starting on 7th of April and being tested twice, this could act as support. On top of that, we see the Daily 50 EMA coincides with this trendline.
Two supports and oversold market, a strong uptrend last month: seems a good level to buy.
If you want to be long, buy 2850 for guaranteed position, or wait for 2820 or 2800 for better entry.
Profit level for small trade: 2900 (Daily 100 EMA)
For more profits, and risk, profit level around 2930(0.618 fib level), 2950 (Daily 200EMA and Weekly 50 EMA), or around 3000-3100 if you are very bullish and can accept the risk.
Note that I am aware we broke out of the rising wedge yesterday, which is a bearish signal. We can trade down very fast, but I think we will see the bulls fighting back after breaking this wedge. Therefore, the long idea.
For a short opportunity, wait for retracement up to one of the profit levels mentioned for my long trade, and short. Could be a fantastic trade risk/reward wise.
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