A monthly chart of the S&P cash index shows some room to run until about 1400.
A closer view seems to suggest higher as well, as the retracements are getting smaller and shallower as the market continues to melt up.
However, this updated 240 minute chart of the S&P futures (which are trading today) shows what could become the first close below the lower trend line if the futures remain down until 12:00 pm EST when this candle closes.
This looks like an ending 5-wave move with the 5th and final wave targeting 1350.
Given the conflicting views in play both long and short term, the best play seems to be to let it unfold without placing big bets. I've been trying to participate by buying calls on dips and using SDS when I can identify a sell zone, but keeping my risk small.
No comments:
Post a Comment