The S&P Opened this morning to test up quickly and provide a nice entry on a short on our managed account. Looking to the S&P’s Wild sideways trading these last few weeks / months, there has been many trading days with fantastic ranges of 20 points or even more.
On the daily chart, price is again testing the support at the 50 Day MA. If this holds we could likely see the reversal again. If we do manage to break it, it opens up more downside targets for us. Current targets include the previous swing low around the 1845 area, then down to 1840 and 1825 if we continue through.
My Day trade is so far going nicely, with a short entry at 1867,25 this morning I am now watching to see if this move will have the commitment to continue down from here. Currently we are trading at 1860 area. Let’s see if the sellers can take this further? or will the buyers jump back in as they like to do to keep price above this support?
Trade what you see.