SPX Potential for Bullish Rise | 12th January 2023
Looking at the H4 chart, my overall bias for SPX is bullish due to the current price attempting to cross above the Ichimoku cloud , indicating a bullish market. Price has tapped into my buy stop entry at 3950.57, slightly below where the 61.8% Fibonacci line is. Stop loss will be at 3764.49, where the recent swing low is. Take profit will be 4100.51, where the previous swing high is.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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