Dear S&P 500 Trading Signal Followers

The trading signal from last time is still active but price starts showing some initial signs of fatigue. I am looking at the small bearish daily candle and although not a full bearish engulfing candle, it is making me re-cosnider. I am looking at the intra-day charts and things are not looking as rosy as before. I am going to cut my position in half.

What I am looking at today is S&P 500. The price has nicely settled above a major support area and looks to be showing signs of bearish rejections. Today’s candle is a pin bar and is leading me to think that we are about to see more bullish sessions. The price bounced off the 1800 area and after a failed low now is starting to go higher. My entry would be after a small correction towards the 1880 level. There I would be looking to go long. My stop-loss would be placed just under the level of 1860. My primary target is the level of 1940. From there it really depends on price action.

Happy Trading,

Colibri Trader