S&P 500 (SPX) Approaching Massive $2,900 Area Resistance
S&P 500 latest quote $2,843. Reminder that January 2018 highs ($2,900) were only 3% lower than highs before the September 2018 correction, this price level will provide massive supply which could lead to a pullback under $2,650 for a +9% difference from latest quotes.
Further resistance will provide supply at October, November and December 2018 highs before the bottom of the correction late December 2018 ($2,400), resistances all of which were very close to, again, $2,900.
The duration for this trade idea (target $2,650) is 5-12 weeks and the second target is $2,600. An idea for an inside target is $2,800 for a 1.6% difference. An idea for entry is to implement a grid strategy with a top sell limit of $2,950 and take profit order limit for half of the aggregate position at $2,750 for a 3.5% difference from latest quotes ($2,848).
Further resistance will provide supply at October, November and December 2018 highs before the bottom of the correction late December 2018 ($2,400), resistances all of which were very close to, again, $2,900.
The duration for this trade idea (target $2,650) is 5-12 weeks and the second target is $2,600. An idea for an inside target is $2,800 for a 1.6% difference. An idea for entry is to implement a grid strategy with a top sell limit of $2,950 and take profit order limit for half of the aggregate position at $2,750 for a 3.5% difference from latest quotes ($2,848).
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Correction: October, November and December 2018 highs were around $2,800, not $2,900.