S&P 500 IndexShort
2659 or better potential for SPX based on measured moves
The way breakouts typically function is with measured moves as a way of determining how far price will move until it reaches its climactic point of selling. In this case, I measured the range of the top to bottom in our past 5-7 trading sessions and determined that 2659 would be a decent level to cover some shorts or initiate a long day trade idea. Heres why, the length of the move will coincide with central bollinger band, thats the only technical indicator I used. Also moves tend to overshoot so this measured range of 15-20 points may blow straight past my target. Lets check in on this idea later and see how it worked.
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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.