Signal_Centre

S&P 500 - Buying at the end of the 5th wave lower

Long
FX:SPX500   S&P 500 Index
Trade Idea

The rally has posted an exhaustion count on the weekly chart.
Broke the sequence of 6 negative daily performances.
The overnight rally has been sold into and there is scope for further bearish pressure going into this morning.
A break of bespoke support at 2799, and the move lower is already underway.
The bias remains mildly bullish but there is scope for a move in either direction at the open.
Preferred trade is to buy on dips.

Entry: 2725
Stop: 2705
Target 1: 2914
Target 2: 2930


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