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S&P 500 Pending Fresh 20 Day Breakout

S&P 500 Pending Fresh 20 Day Breakout

2015-12-02 13:15:00
Walker England, Forex Trading Instructor
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Market Condition: S&P 500 Pending Bullish Breakout

Target 1: 2X Daily ATR at 2147.6

Target 2: Trail Stop with 20 Day Low

Invalidation: Bearish Breakout under 20 Day Low

SPX500 1Day Chart

S&P 500 Pending Fresh 20 Day Breakout

(Created using Marketscope 2.0 Charts)

The S&P 500 closed above 2,101 in yesterday’s trading. With SSI (Speculative Sentiment Index) reading at an extreme -4.29, trend traders may take both price action and sentiment as signals to plan fresh entries in the direction of the established S&P 500 uptrend. Currently prices are closing in on a new 20-day high, represented by the Donchian Channel on the graph above at a price of 2,106. A breakout above this value would be a bullish signal on the creation of a new higher high. Current ATR reads 20.8. This sets initial targets using 2x daily ATR at 2147.6 Breakout traders looking for a longer term position may opt to trail a stop along the 20 period channel line.

If prices fail to breakout above the 20 period Donchian Channel, it would suggest that the S&P 500 is poised for further consolidation, or a potential trend reversal. Traders watching for a reversal may focus on the current 20-day low at 2085.4. In this bearish scenario, any entries set for a bullish breakout can be deleted upon the invalidation of the trend.

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