S&P 500 INDEX – Higher target
Recommendation: BUY MINOR PULLBACKS
Current Trend: Up on all main timeframes.
Strategy: Buy on a one or two day pullback. Med-term hold is best strategy.
Chart Setup: A sideways move in the second half of December has broken out again, above line 2 of a channel with line 1, and there is more upside to come.
- Its short-term Stochastic is overbought so a minor pullback is likely soon.
Strategy Details: Best strategy here is to hold for the med-term. But in the short-term, buy again on a one or two day pullback, ideally as close to line 3 as possible (2727).
Target: To 2787 short-term, based on channel 1-2 projected up. Med-term to over 3000.
Stop-loss: A close below 2705, then a prior two-day low from 2775 for traders. Med-term stop a close below line 1 (2650).
To subscribe to more research by Colin please go to his website www.themarket.co.za
THIS NEWSLETTER IS TO BE READ ONLY BY CLIENTS OF GLOBAL TRADER. UNDER NO CIRCUMSTANCES IS IT TO BE SHOWN (OR GIVEN) IN PHYSICAL OR ELECTRONIC FORM TO ANY OTHER PERSON, WITHOUT THE PRIOR CONSENT OF THEMARKET.CO.ZA. FURTHERMORE, ELECTRONIC TRANSMISSION (EMAIL), REPRODUCING, AND/OR DISSEMINATING THIS DOCUMENT (OR PART THEREOF) IN ANY OTHER MANNER WITHOUT THE WRITTEN CONSENT OF THEMARKET.CO.ZA IS A VIOLATION OF THE COPYRIGHT LAW - AND IS ILLEGAL.
Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
GT247.com: +27 87 940 6101
IT support & help desk: +27 87 940 6107
Client relations (new accounts): +27 87 940 6106
Sales: +27 87 940 6108