SP1! Still a Buy Dips Market - Long and Strong
S&P 500 Update SP1! Chart 12:36 Bst 07:36 Est 22nd September
The S&P has given back 8 or so points from the high reached
at 2945.
ideally it will come back to 2935 around the open and bounce
again from there to give another entry point.
This still looks positive whilst it holds at 2935 and above.
S&P 500 Update SP1! Chart 10:10 Bst 05:10 Est September 22nd
The S&P has continued its rally overnight and is now probing
the next (still sketchy) resistance level at 2945.
Still difficult to identify a stop level under this long shot as
there's still been no consolidation overnight.
Can either close out and take the 27 points profit from 2918
long or raise the stop to 2930 and let it run some more.
If you choose to close out the long rather than hang on to a
notional stop be ready to follow long again from lower down
towards 2930 if we see it later - otherwise be ready to follow
long again on a break above 2945 with stops 2 points lower
looking for a test of the upper parallel at around 2964 as the
next likely point of resistance above 2945, (amended).
Resistance potential: 2945, 2964/upper parallel, 3005, 3209.
18:32 Bst 13:32 est September 21st
A stellar day for the major markets has seen the S&P blast higher
all day - amazing if there's no profit taking towards the close.
Even if there is am staying long towards 2946 as we should
have a good day tomorrow - at least to begin with before
boiling over.
Some may prefer to close out because the stop has to stay
under the 2916 line otherwise as there's been no correction so
far to be able to raise the stop through the day.
This break is good and signals further upside to around 2945
initially. But has more in it to 3005 and then 3209 before the
year is out.
This is obviously best guess from here - we're in deep
uncharted waters - but this break looks good for the medium term.
13:06 Bst 08:06 Est September 21th
Long story short it's still a buy dips market - it was OK to get
long again once the 2913 line was broken to the upside a little
earlier today but the stop has to stay under 2910 for now if
so. Otherwise take profits at 2919 but be ready get long again
once 2920 is broken above.
If flat it's OK to wait for the next signal from here which looks
like a break above 2920 looking for 2946.
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