A weekly plan with Fed, jobs data, and random news.
A clear drop (two clean candles on 5-15 min) bellow the current slightly bullish trend will send the SPX to 2147; while a breakout above the current wedge will send the SPX roaring to 2174. Knifing through either of these supports would mean ultra bull move to 2184 or ultra bear to 2133. Otherwise, I would expect bounces between the support levels, to guide where to take profit.
I would recommend tight stops at 2165 bull or 2160 bear, or while it wedges upward past 2170 on Friday these stops will change accordingly. Price action may fall back into the wedge so bias is slightly bullish. However, it is August.
A clear drop (two clean candles on 5-15 min) bellow the current slightly bullish trend will send the SPX to 2147; while a breakout above the current wedge will send the SPX roaring to 2174. Knifing through either of these supports would mean ultra bull move to 2184 or ultra bear to 2133. Otherwise, I would expect bounces between the support levels, to guide where to take profit.
I would recommend tight stops at 2165 bull or 2160 bear, or while it wedges upward past 2170 on Friday these stops will change accordingly. Price action may fall back into the wedge so bias is slightly bullish. However, it is August.