The S&P 500 has bounced pretty much “around” our trend lines but the small breach gives cause for concern. The questions now are will this support hold and can the SPX Index make a rally to a final high for the year?
We don’t know the answer to either but today’s low at 4652 is a nice place to put our stop (we’ve gone for 4649) on our long entry at 4666 (14 points).
With our short entry zone starting at 4787 there is plenty of upside – and if the high is already in then our stops are in a sensible place.
This trade is time limited. We really want to exit before the long entry zone starts – but Thanksgiving may impact on this slightly.
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