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S&P 500 – Heading towards target

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Colins-Technical-Takes.jpg

Recommendation: HOLD

Current Trend: Up on all main timeframes.

Strategy: Continue to hold the current long position; look to tighten stops soon.

sp 500 23 November 2017.png

  • 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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