So far so good with the long-side trade we are in.
I have put down some upside targets to layer out of the position, of which 2 of our 3 targets have been reached.
From the 3640 entry, 3800 and 3900 upside targets enabled us to lock in 1560-260 SPX points and now we can raise the stop on the remainder of the position up to 2700.
If the bulls continue to squeeze the bears here, look to close the position between 4000-4100.
I will zoom in with an upside target as we approach those levels. I am not seeing any major red flags yet on the 60’s, but we are quite overbought.
So expecting some backing and filling makes sense.
For today, the bulls need to get the price back above 3942 for a reaction trade up to 3980/4045.
The bears need to get the price below 3875 for a reaction trade down to 3845/3810. -Gary Dean
SPX Hourly Technicals
Divergences: No Divergences
Resistance Pivots: R1-3942 R2-3980 R3-4045
Support Pivots: S1-3875 S2-3845 S3-3810
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