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