S&P 500: Momentum acceleration means a bottom might have formed
Updated
The rate of change shows that the worst might be over for now. The index could break above the 0.618 Fibonacci retracement at 2743 and then breakout beyond the 0.786 retracement at 2800 and move higher and higher to around 2830-2835. I modified the "KST" indicator (Know Sure Thing) settings and the result is that the momentum has broken above the zero line, which is bullish.
Long entry: 2719-2720 (open gap area)
Target: 2830-2835
Stop loss: 2690
More information how the "Know Sure Thing" indicator works:
stockcharts.com/school/doku.php?id=chart_school:technical_indicators:know_sure_thing_kst
Long entry: 2719-2720 (open gap area)
Target: 2830-2835
Stop loss: 2690
More information how the "Know Sure Thing" indicator works:
stockcharts.com/school/doku.php?id=chart_school:technical_indicators:know_sure_thing_kst
Order cancelled
My new trading idea is bearish. I don't think anymore that this bullish idea is going to work out
Trade active
I went long today at 2786, because there seems to be a short squeeze taking the S&P 500 above 2800.Long entry: 2786
Stop loss: 2780
Target: 2813
Risk/Reward: 4.50
Long reason: Nasdaq broke out intra-day
Trade closed: stop reached
Very weird price action today.The S&P 500 crossed above 2789 and then declined down to right below 2779.
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