SPX Bullish As Long As 2865 Holds
Alexandros Yfantis | Sep 12, 2018 01:46PM ET
In the midst of trade negotiations and currency wars, SPX has managed to hold its up trend toward 2900 and higher. The recent pull back has brought prices toward the first important short-term support at 2860-2870 area.
Price has bounced off support, back tested it and is now trying to make new higher-highs after a report came out that the U.S. is proposing a new round of trade talks with China.
At 2900, I was bearish but seeing how support held at 2860-2870, which was my first big test, I have turned bullish as long as we hold above 2865. If this level breaks down I expect a minimum decline toward the lower channel boundary between 2830-2820. Confirmation of my bullish scenario comes only with the break above 2915 and has 2950 as my first target.
Good luck and happy trading everyone
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