S&P Profit Taking | Future Long Trade Plans Post Election
The SPX rallied on optimism post Election results on economic revival hopes.
Likely a lot of profit taking has occurred across risk assets like this one as prices reached all time highs. There always has to be a time where profits are removed and taken off the table for gains to be realised.
It is likely however that if current sentiment continues we will see further inflows into risk assets at key areas (see local support and 100MA).
Within the optimism of the current up move, this is likely to be a preferred 'scale in' area for longer term investors, with further longs likely lower.
Be very careful on any longs. One switch in Sentiment and the Market falls drastically on panic. Any earlier longs should be incredibly light to reflect the fact that if you are buying now it is way along the demand curve.
Would not be surprised (on current sentiment/price action if price dribbles) but would not take any new shorts this late. Only really prefer very light shorts back at another high hit.
Likely a lot of profit taking has occurred across risk assets like this one as prices reached all time highs. There always has to be a time where profits are removed and taken off the table for gains to be realised.
It is likely however that if current sentiment continues we will see further inflows into risk assets at key areas (see local support and 100MA).
Within the optimism of the current up move, this is likely to be a preferred 'scale in' area for longer term investors, with further longs likely lower.
Be very careful on any longs. One switch in Sentiment and the Market falls drastically on panic. Any earlier longs should be incredibly light to reflect the fact that if you are buying now it is way along the demand curve.
Would not be surprised (on current sentiment/price action if price dribbles) but would not take any new shorts this late. Only really prefer very light shorts back at another high hit.
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Posts Not financial advice.
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