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Is The S&P 500 Developing Into A “Bull Trap”?
From Corey Rosenbloom: Monday morning may have marked the beginning of a “bull trap,” should the S&P 500 price remain under the breakout high. Will it?
Here’s today’s updated Emini (@ES) trading levels for your trades:
Our bullish V-Spike Reversal off 2,228 set the stage for a continuation of the uptrend and bull market.
After two pullbacks (retracements), price surged to new all-time highs Friday.
However, Friday afternoon into Monday morning gave us a pullback under 2,270 which is a make-or-break point.
Should price remain beneath 2,270, expect a swing back toward 2,255 (failure to break out).
Any move back above 2,270 could trigger a powerful short-squeezed breakout but we’re not quite there yet.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
On the ETF side of things, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose $0.05 (+0.02%) in premarket trading Tuesday. Year-to-date, the largest ETF tied to the benchmark S&P 500 index (which ES futures contracts are based on) has gained 1.32%.
SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 108 ETFs in the Large Cap Blend ETFs category.
This article is brought to you courtesy of AfraidToTrade.com.
You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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