A review of the SPX ATM spread expiring Friday at the 2790 strike has priced at 27 points leaving us 2817-2773. We should fade off the high edges of this range (where we sit now) before buyers attempt another move forward- as yesterday and the day before. Markets remain volatile and crosscurrents today make the environment much different to yesterday.
Our Metastock Map for swing trades, TARGET RICH TRADES, has engaged with the test and reversal off 2799. We will add to this position if we test 2807. The stop will be 2813.5 We are going to trade around this position until it gives us more traction to add to the short. Near term supports sit at 2791 and 2786, our initial targets Divergence and defense of recenlows tell us buyers still sit below. Here’s a link to the software
How about finally starting that trading journal?
You should – Here’s an easy way to keep track of your progress
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