Current Trend: Up on all main timeframes.
Strategy: Continue to hold the current long position; look to tighten stops soon.
- Chart Setup: The S&P pulled back to line 4 and gave a bottoming tail, bullish candle off there. It’s gone on to close above line 5 (another buy signal) and continue higher. I'm looking for more upside to come.
- Its short-term Stochastic is not fully overbought yet, and is still bullish.
- Strategy Details: Hold the current long trade.
- Target: Up to 2615, based on channel 1-2. We did advise to take partial profits at 2600 which was reached Tues. night; no harm in that, but I'm expecting it to still go higher.
- Short-term support is 2585.
- Stop-loss: Raise the stop to a close below 2589. From 2610 raise it again to a breaking of its prior one-day low.
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