S&P 500: Parabolic Stock Market Going Parabolic. New Target 3000
Updated
Total bear annihilation!
Unless the ECB comes up with something very dramatic changing the mood of the market later this week, the path of least resistance is higher, higher and higher ... and also higher.
Long target: 2960
Second long target: 3050
Entry: Whenever the market does not go higher for a minute. Ideally there will be at least one pullback back down towards 2769-2767 points to go long.
Stop loss: 2684
Unless the ECB comes up with something very dramatic changing the mood of the market later this week, the path of least resistance is higher, higher and higher ... and also higher.
Long target: 2960
Second long target: 3050
Entry: Whenever the market does not go higher for a minute. Ideally there will be at least one pullback back down towards 2769-2767 points to go long.
Stop loss: 2684
Note
2684 is a placeholder stop loss.Once there is finally a pullback (ideally to at least 2769-2767), I will define a stop loss for the long entry with the target 2960.
As of now I remain underwater with my short from 2824. My plan is to close the short during a pullback, if it does not get stopped out at 2842.5 (the stop loss I had shared in my last update of my short idea). I did a lot of analysis today and changed my mind that the rally could sustain to go higher.
Note
A miracle is happening. There is finally some profit taking going on. Hopefully the pullback is very strong and lasts at least until tomorrow to offer a decent risk/reward to go long with a cheap entry, soon. Note
In hindsight the brief pullback right below 2825 on February 24 was the cheapest entry offered by the market before the next round of new all-time highs occurred. I was during that moment of this price decline on the edge of my seat to take this long opportunity, but my goal that day was to stick with the plan to look for a stronger drop, at least I wanted to see a move right below 2800 and this hadn't happened.Let's see if February offers a better chance.
Trade active
February offered a chance for a cheap entry, compared to January.
Trade active
A new long entry occured at 2605 early yesterday. The last published comment was stopped out.
Related publications
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.