Selling SPX into swing high.
US500 - 23h expiry - We look to Sell at 3710 (stop at 3780)
Buying pressure from 3580 resulted in prices rejecting the dip.
The trend of lower highs is located at 3721.
The bias is still for lower levels and we look for any gains to be limited.
This is negative for sentiment and the downtrend has potential to return.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Our profit targets will be 3510 and 3450
Resistance: 3800 / 3980 / 4160
Support: 3450 / 3210 / 3000
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Buying pressure from 3580 resulted in prices rejecting the dip.
The trend of lower highs is located at 3721.
The bias is still for lower levels and we look for any gains to be limited.
This is negative for sentiment and the downtrend has potential to return.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Our profit targets will be 3510 and 3450
Resistance: 3800 / 3980 / 4160
Support: 3450 / 3210 / 3000
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
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