Hello Everyone,
Big bullish engulfing candle on the SPX is it managed to reclaim 200 day MA (battle area) with addition resistance overhead near the 20/50 day MAs. The leader has been big tech (XLK) with QQQ launching off its rising 9 day EMA after reclaiming its 20 MA. As Matt posted on the blog, ribbons are getting stretched and this is OPEX week so make sure to protect gains on the watchlist names that ripped this week. I have added some new long setups but keep some hedges handy with current backdrop. NO trigger NO trade.
Upon quick glance levels for ES overnight (will update on blog later) support below 3975 and 3955 with next target above around 4010. Will update levels in trading community later.
Please take a moment to look at the trade ideas.
