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SP500 - technical trade note 22 May 2018

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Trade Idea on S&P 500

I have been following the movement of the S&P 500 closely over the last couple of weeks and with the re-test of the triangle breakout we need a close above the 2742 level to trigger our long trade.

Take note: Factors to be aware of will be movement on the Dollar (DXY), the increasing U.S 10-year Bond yield and the volatility we have seen in the Oil price over the last two weeks can affect the outlook on the S&P 500 index.

Full trade and chart detailed below:

Trade: S&P 500

  • Entry (Buy): 2750
  • Stop loss: 2710
  • Target price 1: 2802

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Source: Bloomberg

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