Hello Everyone,
Tuesday Comments:
Many oversold readings here so while we may see one more downside probe after today's sideways action, the risk reward is not nearly as attractive as when I pointed out the shorts/hedges last week. There is also timing for a low today or tomorrow so TRAIL stops downward on hedges and be on the lookout for evidence of a reversal (even if price were to move lower tomorrow). Should price move lower, the next SPX support zone below is 4115-4095 (where I would expect a reaction). Overhead resistance 4145 then 4165 which then targets 4200.
Thursday Comments:
Yesterday, the SPX formed a higher low so favored some upside probing today. The SPX pullback held posted SUPPORT of 4150 and pushed up into the close at 4200. Reminder: Levels are posted and updated at the top of the trading community as guides. Tomorrow we have JP speech from Jackson Hole so likely to get some gyrations.
Please take a moment to look at the trade ideas.
