S&P500 Trading Setup
The beginning of the week was marked by a lower than usual volatility. The FX market showed a bit more activity coming from the JPY pairs. The Oil market did also show some signs of exhaustion.
By: Colibri Trader
The trading setup from last time is still revealing itself. If you followed my idea, you should be up around 30 points so far, which is not a lot. It is also not our target, but I am not seeing any bearish signals, so bulls should be relaxed for now. I will be monitoring the intraday movements in the next trading session, so hopefully we do not see any discouraging signs. I am still pretty bullish on it.
The trading idea for today is coming from the S&P500 index. It has been locked in a very tight range for a great number of trading sessions. We are very close to the imminent support level at 2160 and just above the 2150 psychological level. A very bullish candle has formed today, as well. There is a daily pin bar (or a bearish rejection candle), which signifies the positive mood on this market. I will be looking to enter in a long trade in the next trading session. The entry level I will be looking to enter at is 2168. My stop would be placed just under 2159. My first target is the level of 2190. My secondary level is 2200 depending on price action.