Last week we bounced off the 2350 level, with the SP500 seemingly having found a bit of a temporary bottom. Going into next week, we'll find out whether this bottom is "real" or just the result of a bit of profit taking.
Regression is now bullish, so overall, my bias is slightly more bullish than bearish. Having said that, we just crossed into bullish territory and it wouldn't take much for it to turn bearish again. For Monday, I'm a buyer above Friday's point of control at 2380, and a seller below. I might consider a long at 2372 as well, but only if there is decent momentum...and of course I'd have to watch price until it clearly smashes above 2380 again.
A break of 2365 to the downside would be very bearish for me. To the upside, we have the round 2400 level as first key resistance. Whatever happens, I have a feeling 2380 will be retested a couple of times before it really makes up its mind. A clean break of the 2370 to 2390 range will probably dictate the medium term trend.
Anyway, I trade of 1min charts and will simply go long above 2380 and short below...using the m1 regression as confirmation. Should price have already taken off a bit in the overnight session, I will use retests of the VWAP as "2nd chance" entries throughout the day should momentum be strong.
Regression is now bullish, so overall, my bias is slightly more bullish than bearish. Having said that, we just crossed into bullish territory and it wouldn't take much for it to turn bearish again. For Monday, I'm a buyer above Friday's point of control at 2380, and a seller below. I might consider a long at 2372 as well, but only if there is decent momentum...and of course I'd have to watch price until it clearly smashes above 2380 again.
A break of 2365 to the downside would be very bearish for me. To the upside, we have the round 2400 level as first key resistance. Whatever happens, I have a feeling 2380 will be retested a couple of times before it really makes up its mind. A clean break of the 2370 to 2390 range will probably dictate the medium term trend.
Anyway, I trade of 1min charts and will simply go long above 2380 and short below...using the m1 regression as confirmation. Should price have already taken off a bit in the overnight session, I will use retests of the VWAP as "2nd chance" entries throughout the day should momentum be strong.