Is another high on the cards for the SPX 500 Index? Today’s movements and alignments with other key indices and commodities would suggest this is possible and this is the reason we have cancelled our short entry zone at around 4525 to 4550 – it’s simply far too risky for a short at this stage.
We urge caution now as we approach the current trend line which has shown significant support in the past and NO RESISTANCE!
Unfortunately there is no good long proposition at this stage either – we are effectively in “no mans lands” when it comes to entering low risk/ high reward trades which means the SPX could be out of bounds for the remainder of October.
We’ll keep a watchful eye on the S&P 500 and if anything changes we’ll provide and update on Twitter first.
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