SPX long scalp within the consolidation? πŸ€”

The Olympus Academy
2022-12-07

Hello, good day traders! πŸ‘‹πŸ€™

I'm looking for a potential buyπŸ“ˆ setup for $S&P 500(.SPX)$ , with both fundamental and technical indicators to back it up.

πŸ“°Fundamentally,

  • In terms of the 200-day moving average, the SPX rose above this trendline on Wednesday, which has historically had bullish implications, after spending a long time below this popular moving average.


πŸ€”On the technical front,

1.) Looking at the H4 chart, my overall bias is bullish with the price above the Ichimoku cloud, indicating a bullish market.

2.) Looking for a potential buy entry at 3907.07, where the 50% Fibonacci line is.

3.) Stop loss will be set at 3806.91, where the 38.2% Fibonacci line is.

3.) I am looking to take profit at 4097.29 where the 78.6% Fibonacci line is located.

β€Œ

Trade Entry recommendations:

Buy Entry: 3907.07πŸ“ˆ

Take Profit: 4097.29 πŸ’²

Stop Loss: 3806.91❌

β€Œ

Other tickers to recommend:

For 5x Long Leverage: $S&P 5xLongSG250228(CUEW.SI)$ 

For 5x Short Leverage: $S&P 5xShortSG250228(CXBW.SI)$ 

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Comments

  • LeilaLynch
    2022-12-07
    LeilaLynch
    SPX 4120 is strong resistance, then 4180 (which is my max target). On the downside, 3937 needs to be broken for the trend to turn down. I will start shorting around here with a protective stop on a close above SPX 4120. GL.
  • KittyBruno
    2022-12-07
    KittyBruno
    Be careful bulls. There's nothing bullish right. Bears are absolutely targeting that CPI gap. Without a bull catalyst to change course, all pullbacks should be sold into on buyer exhaustion.
  • EmilyMark
    2022-12-07
    EmilyMark
    Be careful bulls. There's nothing bullish right. Bears are absolutely targeting that CPI gap. Without a bull catalyst to change course, all pullbacks should be sold into on buyer exhaustion.
  • Samlunch
    2022-12-07
    Samlunch
    Looks good the set up
  • YenEr
    2022-12-08
    YenEr
    πŸ™ƒ
  • Pooi123
    2022-12-07
    Pooi123
    πŸ‘
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