SPX500 (Daily): Bounced off support in the 2100 zone. This area has acted as resistance for several months before the bulls achieve a clean break. Price has retested this area with the bulls showing their presence. Although the trend is up it should be noted that for the past three months the market has simply chopped sideways. In this situation I would stick to trading from the edges of this consolidation zone. Price is currently trading below the 20 and 50 SMA but until there is a clan break of 2100 I would patiently wait for buying opportunities. Price is also testing the upward trend line.
I may trade all, some or none of the ideas posted. All of my contributions are for educational purposes only. 'TRADE What You SEE'' and all the best!
