Young Barry Dumas takes a look at the S&P 500 and Wall Street 30 technicals this festive season where a rally in both indices can be expected.
S&P 500 Trade Note:
Today I am looking to long the S&P 500 index from current levels. The index is also pushing higher looking to keep on smashing all-time highs going into the Christmas season.
Take note that there can be a possible pullback as shown in chart before the index pushes higher.
Trade: S&P 500
- Entry (Buy): current levels or 2659
- Stop loss: 2640
- Target price: 2680
Source - Bloomberg
Updated Chart
Update S&P trade – managing the trade
I have moved my stop loss well into profit to the 2685 level, if this level holds my next target will be around 2700 on the S&P 500.
Trade: S&P 500
- Entry (Buy): current levels or 2659
- Stop loss in profit: 2685 - revised
- Target price: 2700 - New
Wall Street 30 Trade Note:
Today I am looking to long the Dow Jones Industrial index also known as Wall Street, it looks like the index just wants to push higher and break all-time highs all the time.
Looking to enter at current levels for the long trade or any pull backs to the 24450 level.
Trade: Wall street 30
- Entry (Buy): current levels or 24450
- Stop loss: 24101
- Target price: 24741
Source - Bloomberg
Updated Chart
I have moved my stop loss well into profit to 24741 and will be managing the trade from here to a new target price level of 25000.
Trade: Wall street 30
- Entry (Buy): current levels or 24450
- Stop loss into profit: 24741 - revised
- Target price: 25000 - New
