We have to keep in mind that next week we have OPEC's meeting on the 27th, and factor in that by Friday 30th, the weekly uptrend time expires, and we could expect a loss of bullish momentum, and a return to 2052.40. I think this is a lower probability occurrence, and will look to long and reasess as we go forward.
Like I explain in my $SPY chart in related ideas, we have longer term signals that might pan out, and a possible short squeeze propelling us higher, so I remain bullish in the short term while we don't dip under 2133.6 here.
Buying now, or buying dips to 2149.1 will remain my favored strategy for $SPX. Meanwhile I intend to hold my other longer term positions, in case the October close confirms the 2-month uptrend target of 2516.
There's a chance oil breaks out into an uptrend too, but it's a lower probability event, so also factor that in.
(See chart in comments)
If we do break out and rally, coming back to test the levels on chart would give an actionable level to buy against as well. So, mark these on your charts:
Good luck!
Ivan Labrie.
Like I explain in my $SPY chart in related ideas, we have longer term signals that might pan out, and a possible short squeeze propelling us higher, so I remain bullish in the short term while we don't dip under 2133.6 here.
Buying now, or buying dips to 2149.1 will remain my favored strategy for $SPX. Meanwhile I intend to hold my other longer term positions, in case the October close confirms the 2-month uptrend target of 2516.
There's a chance oil breaks out into an uptrend too, but it's a lower probability event, so also factor that in.
(See chart in comments)
If we do break out and rally, coming back to test the levels on chart would give an actionable level to buy against as well. So, mark these on your charts:
- 2164.6
- 2136.3
- 2108.1
Good luck!
Ivan Labrie.
Komen:
Let's keep an eye on the key levels on chart. We can enter longs soon, need VIX to settle. Might be viable after the news next week.
Komen:
"We can buy dips to 2149.1 with stop at 2133.6"
Today's low: 2140.3, high: 2161.3
If you followed my advice, you had a nice long there.
Today's low: 2140.3, high: 2161.3
If you followed my advice, you had a nice long there.
