Hey Traders so today watching S&P500 and looks like strong resistance at 6300.
Market can do 1 of 3 things like before.
Pause, Reverse, or Breakthrough so if your long watch for reversals. If not watch for pullback to new support level around 6135. Can be a nice area to enter new long positions in the buy zone.
Place stops under trendline around 6040.
Remember trend is your friend so if bullish wait for pullback. However if bearish wait for break below trendline to confirm market wants to break lower.
Also watch Nasdaq 100 because it normally leads the market higher. If S&P rises but Nasdaq is holding back it's not a good sign for breakout.
Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Good Luck & Hope This Helps Your Trading 😃
Clifford
Market can do 1 of 3 things like before.
Pause, Reverse, or Breakthrough so if your long watch for reversals. If not watch for pullback to new support level around 6135. Can be a nice area to enter new long positions in the buy zone.
Place stops under trendline around 6040.
Remember trend is your friend so if bullish wait for pullback. However if bearish wait for break below trendline to confirm market wants to break lower.
Also watch Nasdaq 100 because it normally leads the market higher. If S&P rises but Nasdaq is holding back it's not a good sign for breakout.
Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Good Luck & Hope This Helps Your Trading 😃
Clifford
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.