My present bias is for a long position in the SPX
1. Price is above the Kumo , favouring a long trade.
2. More than 2 long renko bricks have formed since recent correction.
3. Renko brick has broken above the Tanken-Sen.
4. RSI above 50 ( but not oversold)
Barrier = Nearby resistance at 2173.5
Suggested trade
Entry @ 2164.
Stop Loss @ 2130 ( beneath recent swing low)
Target 1 @ 2277 ( equal legs projection ) . 3.3 R
Target 2 @ 2353 ( 127.2 fib extension) . 5.5 R.
1. Price is above the Kumo , favouring a long trade.
2. More than 2 long renko bricks have formed since recent correction.
3. Renko brick has broken above the Tanken-Sen.
4. RSI above 50 ( but not oversold)
Barrier = Nearby resistance at 2173.5
Suggested trade
Entry @ 2164.
Stop Loss @ 2130 ( beneath recent swing low)
Target 1 @ 2277 ( equal legs projection ) . 3.3 R
Target 2 @ 2353 ( 127.2 fib extension) . 5.5 R.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.