Trend Analysis
The main view of this trade idea is on the 15-Min Chart. The stock index SPX is currently in a symmetrical triangle pattern setup, where the downward and upward trend lines intersect. Expectations are for SPX to breakout of this chart pattern setup higher, targeting 4445 in the short term. If the setup fails, SPX will decline towards 4418.
Technical Indicators
Currently SPX is above its 50-SMA and its fractal moving average. The Directional Movement Indicator (DMI) is also in a positive zone. This supports the view of an upward price movement in SPX.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 4418 price level and a target of 4445. This produces a risk-reward ratio of 1.55.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in SPX.
The main view of this trade idea is on the 15-Min Chart. The stock index SPX is currently in a symmetrical triangle pattern setup, where the downward and upward trend lines intersect. Expectations are for SPX to breakout of this chart pattern setup higher, targeting 4445 in the short term. If the setup fails, SPX will decline towards 4418.
Technical Indicators
Currently SPX is above its 50-SMA and its fractal moving average. The Directional Movement Indicator (DMI) is also in a positive zone. This supports the view of an upward price movement in SPX.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 4418 price level and a target of 4445. This produces a risk-reward ratio of 1.55.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in SPX.
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.
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.