On the daily chart, SPX has resistance at 50MA and demand support near 3970. Now that price has moved to the 20sma (30m chart) - first time since breaking (white spots) - look for signs of more downside or a reversal.
A bigger move may happen overnight so allow time in your trade (using SPY options, not SPX).
This afternoon could see rangebound trading and result in a small inside daily candle. Identify the possibilities and then find good levels to enter trades. For example, if you bought puts around 3995, as SPX was at the 20sma, then 3998 and 4001 would be good stop loss points (with small risk).
A bigger move may happen overnight so allow time in your trade (using SPY options, not SPX).
This afternoon could see rangebound trading and result in a small inside daily candle. Identify the possibilities and then find good levels to enter trades. For example, if you bought puts around 3995, as SPX was at the 20sma, then 3998 and 4001 would be good stop loss points (with small risk).
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.