Looks like we have a inverse H&S pattern on the daily chart in SPX.
We need to see a test of neckline around 4373.2 area to really put some conviction on a bull move to 4618.2 area.
I would like to see a pullback next week to the neckline area then a continuation upward, to be confident in a long position up to 4618.2 area.
Starting to look like a bullish cycle in the works in time for Santa's arrival :)
Looks like us traders are getting a nice money gift from the markets this year after all. $$$
We need to see a test of neckline around 4373.2 area to really put some conviction on a bull move to 4618.2 area.
I would like to see a pullback next week to the neckline area then a continuation upward, to be confident in a long position up to 4618.2 area.
Starting to look like a bullish cycle in the works in time for Santa's arrival :)
Looks like us traders are getting a nice money gift from the markets this year after all. $$$
Comment:
Not much of a pullback Monday. Guess the market wants to go straight up to target with a slow push upward. This thing is bullish until market decides it's not. Let's just keep an eye on our long position to profit target and see what happens after that.
Comment:
Good evening fellow traders! As you can see we have been in a continuous upward movement. Long positions have served you well $$$
I want to take a moment here to mention that we now sit at a crossroads sort of speak as price has come up close to a weekly and monthly downward sloping trendline and resistance area. If you trade to make money then one has to treat trading as a business and we are in the business to make some bank $ .
With that said, in order to remove some risk and create cash flow one has to look at where price has landed and what is price action telling us and how much risk do we sit at. After evaluating that we decide how much money we take off the table and how much do we leave on for possible further gains. Based on where we sit and how SPX closed today I would be taking at least 50% profits off the table.
Possible higher target areas sits around 4559 - 4610- 4618. From this point we really want to pay attention to price action and possibly a new structure to form giving us guidance for our next move.
Keep in mind after the holiday the market will likely give traders a surprise next Monday morning. We can still go down to close a gap around 4419.6 but that will be a new post at another time when and if a bearish structure forms. This market is not going to be obvious to the untrained eye so be very careful on decisions.
I will post more on this later. In the meantime wishing everyone great trading profits and a great Thanksgiving weekend if I don't post anymore comments this week. Cheers all!
I want to take a moment here to mention that we now sit at a crossroads sort of speak as price has come up close to a weekly and monthly downward sloping trendline and resistance area. If you trade to make money then one has to treat trading as a business and we are in the business to make some bank $ .
With that said, in order to remove some risk and create cash flow one has to look at where price has landed and what is price action telling us and how much risk do we sit at. After evaluating that we decide how much money we take off the table and how much do we leave on for possible further gains. Based on where we sit and how SPX closed today I would be taking at least 50% profits off the table.
Possible higher target areas sits around 4559 - 4610- 4618. From this point we really want to pay attention to price action and possibly a new structure to form giving us guidance for our next move.
Keep in mind after the holiday the market will likely give traders a surprise next Monday morning. We can still go down to close a gap around 4419.6 but that will be a new post at another time when and if a bearish structure forms. This market is not going to be obvious to the untrained eye so be very careful on decisions.
I will post more on this later. In the meantime wishing everyone great trading profits and a great Thanksgiving weekend if I don't post anymore comments this week. Cheers all!