SPX grinding the channel

May 12, 2020

SPX500USD is moving in an upward channel
It's facing resistance R1 with bullish price action at mid channel line @ 2944
A break above will take it to the next resistance R2 @ 2972
And higher it moves to the channel resistance R3 around the 3000 level which is a huge level.
This setup offers a 1 to 3 risk:Reward (r:R) with a stop loss (SL) below 2897 ( weekly low)

Jun 3, 2020

Note

As we hit some resistance in here, it will be a good time to take some profit