Quick Note: Textbook action of late with the SPX correcting back to our target support with an abc down and then reversing back to the upside yesterday with a gap open. It then flagged out prior to the FOMC and then spurted sharply higher after breaking the DOWNTREND LINE shown on the 120 minute charts. Today, the early pullback retested support and ramped higher which continued in after hours. Short term overbought so not adding any new long trades tonight. Support below 4075 4060 with resistance at 4130 overhead. Still targeting the 50% Fib around 4220 at this time.
Please take a moment to look at the trade ideas.