14 May 2014
S&P 500: Look for long on retracement - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, is looking to get long the S&P 500 on a corrective pullback circa 1850/45, with targets at 1886 and 1898.
Key Quotes
"Also on a never-ending bullish trend, the S&P 500 eclipsed the 1900 barrier briefly, forming a small pin bar signal. The last time the index hit the aforementioned barrier it sold off heavily losing 90 points in a matter of days. It is possible we may find some aggressive sellers here a second time. But barring any impulsive moves downward, I'll look to get long on pullbacks."
"Look for a corrective pullback to get long around 1850/45 area, which is where the rising long term trend-line comes in. Upside targets will be 1886 and 1898 with tight stops below.
Key Quotes
"Also on a never-ending bullish trend, the S&P 500 eclipsed the 1900 barrier briefly, forming a small pin bar signal. The last time the index hit the aforementioned barrier it sold off heavily losing 90 points in a matter of days. It is possible we may find some aggressive sellers here a second time. But barring any impulsive moves downward, I'll look to get long on pullbacks."
"Look for a corrective pullback to get long around 1850/45 area, which is where the rising long term trend-line comes in. Upside targets will be 1886 and 1898 with tight stops below.