Target Zone Reminder
Target Zone Reminder
I’m feeling a bit under the weather today and don’t have a full post in me. As we seem to be well on our way I however wanted to post a quick reminder of our prospective S&P 500 target zone:
First an interesting observation – early in the session the E-Mini dropped for an exact retest of the NLBL at 1352.5 – which held up rather famously. That’s rather positive and a technical confirmation of yesterday’s long trigger.
As you may recall the SPX is donning a pretty well defined diagonal resistance line which right now points at 1390. This should be good for at least a little correction. Until we also may have some turbulences around 1380 – more on that below.
The P&F chart also still shows us a bullish price objective of 1390. That does not mean this is the end of the line – we may get a revised bullish PO after a reasonable correction.
The volume profile chart also show us some possible bumps in the road near 1380 – less so at 1390. So be prepared for the usual shenanigans and give yourself time to ride things all the way to 1390. Our stop out range now lies below that NLBL somewhere near 1350 – but don’t use a round number, always go a few ticks below.
See you all tomorrow.
Cheers,
