Trade Update: Our Buy Signal On SPX Hit Our Second Take Profit Target at $2,585
Good morning traders, our Buy signal on SPX from December 26 at $2,350 level has hit our second Take Profit target at $2,585. The trade provided us 235 points run and huge profits to our followers. We feel very fortunate to be able to be on the right side of the market, during the crash (see our prior short signals on SPX) and during the recent price bounce via our December 26 buy signal (see prior posts from December. We will continue monitor the price of SPX and how it responds to the resistance above $2,600. Right now, we are looking for some price consolidation before picking a new trade on SPX. See chart below with updates.
January 9 Trade Update: Good morning traders, Our S&P 500 (SPX) BUY signal from December 26 Continue to run higher and trading above the 38% fib level that we mentioned in our prior posts on this signal. SPX isalready 220 points above the lows and it is time to think about closing remaining position and take all profits from this trade. Looking at the chart, you can see the red resistance line at the $2,600 price level. Accordingly, we suggest traders to set a Second Take Profit target at $2,585 price level (just under the resistance) 235 points above our Buy signal. Check our chart below to see our target price.
December 27 Trade Update – Good morning traders, our Buy signal on SPX from yesterday hit a great run up within 24 hours. Our signal to BUY at 2,350 level yesterday hit highs of 2,480 quickly; considering the fast 130 points run, it would be wise to lock gains on 1/2 position above 2,430 level. In order to protect profits, use a stop loss order above our entry price that way the trade will remain profitable and allow for potential higher profits. below you can see our signal from yesterday and another chart shows the move yesterday and our exit.
Decemner 26 Signal: Good morning traders, this is a new trade signal on S&P 500 following the very profitable Short signal that we held since early December (see prior posts) that provided us 325 points move, while the market crash down. As we indicated in prior posts and as you can see from the chart below, we hit the 50% Fibonacci retracement and now it is time to expect some upside move in the S&P 500. Accordingly, we suggest traders to lock their gains and start buying SPX at current $2,350 level .