We are getting a pullback from the 8 day uptrend, ahead of a Friday in which traders will likely not want to be short ahead of the weekend. There is good support around 1085, which makes it a compelling risk reward at these levels. If we fall below 1080, then I am wrong, but I believe we will have a strong Friday. I have gotten long near support and will be holding overnight. I will close out the trade sometime tomorrow.
You're getting long the SPX right here?
ReplyDeleteYes, I am long the SPX. I will close it out sometime on Friday.
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