S&P 500 Daily Chart - Consolidating
Updated
It's interesting to watch this tight little range bounce price up and down. Plus it has confluence with the diagonal trends. Generally this will lead to a breakout into a new range. Could go either way. If I'm bearish, short at the top of this range. And if bullish, try to catch the bottom if it goes down there again or if not, long a bullish retest if it breaks up (close to the level).
Note
The longer price remains in this range the tighter it will get. Look to play the mid-range if you feel like trading this. Otherwise wait for a breakout w/ confirmation.Note
We were in that range for a week, and then it broke to the upside. Anybody shorting from resistance is now underwater. The idea is to enter a long from the bottom of range, take profit at the top of range, and if you were waiting for a breakout to the upside, then keep part of the original position open.Now that the consolidation range is broken, i'm looking for an S/R flip to re-enter a long w/ a target of 3025-3045.
Trade active
Buy set at 2945 because if it's a bullish retest then we could see a new ATH.
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