3090 is important resistance

Jun 30, 2020

Currently the SPX, while still in an uptrend, is stuck in a channel between 3000 and 3230.
It has again bounced on the 3000 support this week and is continuing upwards as expected.
First resistance is at 3090. If that one fails we drop to 3000 again.
If it breaks out we should see a quick run to the 3150 resistance and then 3230.

I'm currently long and planning to sell at 3090. Then I'll wait for confirmation when 3100 breaks to buy back in, or in case of a failed breakout, for 3000 to buy back in.

Jul 1, 2020

Note

After a strong move the SPX is currently at 3100. A breakout over 3100 would confirm the thesis and will be a buy signal for me.

Jul 1, 2020

Note

breakout confirmed, buy the open

Jul 2, 2020

Note

Broke out over 3100, went higher and consolidated all day. Next leg up is incoming. Small resistance at 3160, big resistance at 3230.

Jul 7, 2020

Note

Broke over 3160 and almost hit 3200. Pull back to 3160 to confirm previous resistance as new support. Then we will be on our merrily way.

Jul 16, 2020

Note

Hard rejection of 3230 on Monday. More aggressive than expected. Should consolidate old resistances below at 3200 or 3160 depending on momentum.

Feb 16, 2021

Trade closed: target reached