SPX - it's a long way to the... (D, W, M outlook)
Updated
You're not fooling anyone if you haven't thought about shorting the S&P500. And that in itself is a good reason to not want to jump in now. Then the charts show while it's kissing R1 on Daily, this engine has not yet run out of steam and we could see some shorts burnt out before it truly decides it wants to go south.
Any scalping is risky, even if 3-5min on open did look tempting, to me the smarter move appears to be waiting to see how we progress at 2080-2100 mark before jumping in.
But initial targets are forming up to be:
-- if going LONG, then TP1 2137.2 and TP2 2191.3
-- if going SHORT, then TP1 2021.5 and TP2 1968.3
Good luck with the week ahead everyone.
Any scalping is risky, even if 3-5min on open did look tempting, to me the smarter move appears to be waiting to see how we progress at 2080-2100 mark before jumping in.
But initial targets are forming up to be:
-- if going LONG, then TP1 2137.2 and TP2 2191.3
-- if going SHORT, then TP1 2021.5 and TP2 1968.3
Good luck with the week ahead everyone.
Note
An alternative view - NorthamTrader, of Twitter fame, posted this today:northmantrader.files.wordpress.com/2016/04/spx-gaap1.png
(source: northmantrader.com/2016/04/03/keeping-it-real/)
Note
Starting to look good. Waiting for a bounce before I enter short.
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