All stock markets are in the red today

SPX Signal Making +140 Pips – Quick Update on Trade Setup

Posted Friday, November 9, 2018 by
Arslan Butt • 1 min read

The global stock markets jumped on Midterm elections, but the FOMC managed to drag it down to move it in our favor. Well, a sell-off didn’t come as a surprise. Recalling FX Leaders Morning Brief, Nov 8, How to trade S&P500 on FOMC, we opened a sell position in the SPX near $2,808 to target 180 pips at $2,790. The signal is doing pretty well as the S&P500 is making 140 pips for us.

What’s Next?
Looking at the 2-hour chart, the US stock market index is falling dramatically towards our target level of $2,790. The violation of this level may add further selling until next support near $2,772.

Support Resistance
2777.92 2835.27
2740.02 2854.72
2682.67 2912.07
Key Trading Level: 2797.37

The traders are advised to book partial profits in trade at $2,793 and wait for the target $2,790 while keeping their stop loss at breakeven.

Good luck!

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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