The "S&P 500" appears to be in the "new paradigm" phase of euphoria with nothing stopping the very strong bulls in their relentless push higher and higher. With some luck the open gap gets filled with a brief sharp drop and the market continues to rally higher from there. I simply can't recommend to go long at e.g. currently 2747 points with the market being this stretched to the upside and the US government shutdown event looming in January 2018.
Long entry: 2715 (price area of the unfilled gap) Stop loss: 2675 1. Target 2800 (near R3) 2. Target: 2850 (near R4)
Risk to SL at 2675: 40 points Reward (1. Target): 85 points Reward (2. Target): 135 points
Đóng lệnh: đạt mục tiêu
⋅
First long target 2800 (near R3) was hit on January 16.
Second long target 2850 (near R4) was hit on January 24.
Theoretically the S&P 500 could rally even higher without a pullback and move up towards the yearly R2 pivot point and to a target at 2960 to 3050 points as shared on my new bullish chart. Hopefully there is at least one larger dip in between though to make the rally more sustainable.
One day after changing my outlook to bullish the S&P 500 opened January 9 with yet another gap higher at 2751.15 (previous close on Jan 8 when I posted the chart was 2747.71) and as the euphoria continued the S&P 500 spiked to a high of 2759.14. But the index later gave up the gains of the previous hours and declined relatively strongly into the close of the trading day (ending the day barely in the green with a close at 2751.29).
ahmetnmsl
⋅
@ChartArt, target 1 nearly reached today although markets were closed :)