“And now, for something a little different.”
Stocks have traded sideways into the 2,040 S&P 500 level and we can define a short-term range for our trade plans.
Note this morning’s market update on the magic of the 2,040 level and how we’re planning around it.
Here’s our updated levels as the S&P trades through all-time highs:
Our short-term reference levels include the 2,032 price support (double bottom today) along with the 2,040 resistance in the S&P 500.
We’re simply pro-trend breakout (short-squeeze) bullish on an impulse above 2,040… bearish for a possible breakdown (short-term reversal plays) under 2,030, and neutral to trade “ping-pong” between this 8 to 10 point range.