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Gut Check In the S&P 500 Before Quarter End?

Gut Check In the S&P 500 Before Quarter End?

Kristian Kerr, Sr. Currency Strategist

I am thinking that the S&P 500 is vulnerable to a reversal this week. You can read more about why in my Price & Time piece from this morning (S&P 500 – Déjà Vu All Over Again). My entry will be conditional as ideally I would like to see the index exhibit at least some weakness to confirm a possible turn down. However, I don’t mind selling against the Gann/Fibonacci convergence near 2065/66 if we do get an overthrow. Traction above that zone and all bets are off.

My trade entry is conditional. I want to sell the SPX500 (FXCM CFD) on a stop if it trades under 2035 or I want to sell at 2064 – whichever happens first cancels the other. My stop on the former will be a daily close just above today’s high (whatever it ends up being) while the stop on the latter would be a daily close above 2070. If neither is triggered by the end of trading Wednesday I will cancel both.

What is the #1 mistake most FX traders make? Find out HERE.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.