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S&P 500 – BUY MINOR PULLBACKS

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Colins-Technical-Takes

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.

SP500 January 2018.jpg

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).




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