Good day!
On Thursday May 20th, we said to that the SPX will retest the 1094 recent low, as well as the spiked low at 1060 seen on Thursday May 13th.
And we will use these lows to go long the SPX in anticipation of the counter rally. YEAH, the trading Gods were with us, for we did see 1056 low on Friday and the SPX closed at 1088.
Given the behavior of Friday’s price action and this morning’s rally off the lows in the futures market, we still expect a counter rally to 1150-1170.
The trading strategy remains, if you want to add to more positions, buy at the market now, 1086, with a stop loss at 1047.
Take profit at 1150/ 1170. Depending on news flow, there is a possible free ride to 1220, the recent high.
Happy Trading!
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