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S&P 500 – A minor pullback

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Colins-Technical-Takes.jpg

Recommendation: BUY THIS PULLBACK

Current Trend: Up on all main timeframes, but overbought.

Strategy: Buy on a breaking of its prior one-day high.

s&p 500 10 November 2017.png

  • Last night the price reversed up sharply off its low of the session from line 3 support. While lines 3 and 4 form a rising wedge (which typically breaks to the downside), it is holding for now, and I would not bet against this market.
  •  Its short Stochastic continues to give a series of negative divergences. But this can continue for a while in a very strong trend.
  • But it on an intraday break of its prior one-day high (Thursday’s high was 2587, for example)
  • Up to 2615, based on channel 1-2. To the downside, support is line 3 (2577), but more important support is line 2 at 2564.
  • A close below 2563. From 2600 take partial profits, and raise stop to a prior one-day low on the remainder.



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