SPX is approaching the first major resistance area. I expect a possibility of some rejection around this area and it showed yesterday with the monthly rejection. Along with this the 4 hour candle closed below the trend leg that took us to the local high as well as 1 hour showing weakness. I believe the risk reward is too good to overlook this trade so i will be taking a scalp short at the top of the range for expectation of at least some rejection. I will be taking 3 contracts short with 2 profit targets within my risk reward scenario and letting 1 ride in case we start to break down lower from here.
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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.