This week, the bulls and bears are going to fight for control of the direction of the market. Bulls will be wanting to take the YM higher in hopes of reaching 17k. Durable goods, FOMC, GDP and Jobless claims all this week will give both bulls and bears a lot to digest. I am neutral... AKA, prepared to go either way.
If buying is exhausted for now and profit takers and shorts push the price down this trade could pick up 20-30 points profit overnight.
I think the market may rebound if the weekend proves uneventful news-wise. This type of trade requires me to risk $200 to make $200 or more.
The monthly chart is showing price is attempting to retest old trendline support as resistance. 2008 when price broke below TL support 2003 thru 2008 price tested it as resistance will price try to retest it as resistance. I do not know if the SPX will trade up to its old channel with summer starting in a few weeks, but if it does, I would look for...