This Futures Analysis and Wall-street forecast had been constructed during late September and presented on our members area in real-time.
The story behind the S&P 500 had been incredibly technical over the last few months, and especially now after the impressive reaction we've seen recently when price was approaching the strong key-level support of $2958 just a couple of days ago. The immediate pull back after the engagement was a significant vote of confidence coming from that support level, pointing out for further upside potential.
We were very excited to see the pushback coming from that key-level against price action. When price began a visible upside reversal, we decided to dig-in and re-enforce our bullish position, as well as to tighten up our protective stop loss level to $2930. This should be far enough from price action to keep our position safe in case of high volatility.
Right off the gate, our game plan was to chase the current upside move all the way to the major key-level resistance of $3100. This is our primary price target and final destination for this particular bullish campaign.
We also want to use the local resistance level of $3014 as a secondary price target to take some profit off the table, just as we did back at July with our previous bullish position. Stay tuned…
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