Skip to Content
News & Analysis at your fingertips.
Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
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.