| In this technical analysis video, I provide an analysis of the S&P 500 Index (SPX) at Forex Live. I identify a purple channel that has not yet been confirmed but has two touch points so far. I believe that we will create another touch point around 5,000 later on. For swing traders, I am looking at a pullback from the purple line from this low, which is about 4,845. I think that we could then possibly go up to 5,000. For patient traders who want to wait for a deeper pullback to get to the lower standard deviation of this anchored V up, I am looking at a possible trade with a 4 to 1 reward-to-risk ratio. The stop is 1% below the entry price. The take profit would be 4% above the entry price, just below 5,000. This trade is also based on my bias that Google and Microsoft, which are reporting tomorrow night, will give the market another push. The line in the sand is either the stop that I mentioned or the green trend line that I also put on within the video. If price goes below the green trend line, then some traders may stop there. In summary, I am expecting a short, temporary pullback before more up. I think that SPX will be attacking that 5,000 or close to it round number in the near future. We have a very important week coming up with the FOMC meeting on Wednesday and the earnings reports. Trade at your own risk and do return to ForexLive.com for additional analysis. |
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