S&P500 - Bullish opportunites ahead! - Long in flight Last weeks levels provided to be partly actionable and price has immediately responded (See attached post). Comfortable holding this 50% long position with stop/target untouched. Will be looking for opportunities to buy the other 50% and increase risk as I'm confident in the bullish sentiment after last weeks Feds statement. I hold an underlying belief that the FED does actually have a decent pulse on the economy that drives the stock market - obviously not the "real" economy but an important one no less. I'm personally very bullish 2024 on nearly all assets.
So lets unpack the chart -
Daily chat shows a "comfortable" pullback. One very similar to Nov. 2024. Evidence on the RSI suggests we are positioned for months of bullish room to run ahead. So I'm interested in getting long at least back to comfortable new highs.
2 hour chart shows our first aggressive entry hit and the second entry came within .30% of getting filled. Although I would have loved the second to get filled, It's a non-factor. Thankfully price has strongly verified our bullish identification of these price levels and the overall theory.
Although the stop of the aggressive was close to the conservative entry - it was separated by several key levels and strategically placed. I've got a good idea of where things are going and the opportunities on the way are endless. The rest is risk management
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Best,
GrayTrader
