With the Bullish response today, a short term Long play may be feasible.
The level of approximately 1275 on S&P500 may act as Support (Green Arrow).
The level of approximately 1400 on S&P500 may act as Resistance (Red Arrow).
If this channel does prove to be reliable, meaning that the support and resistance act as such, then it'd be a good indicator to trade off of.
I highly doubt that we'll blast our way through the Resistance, so I'd be looking to short if we get near that level. The 200 Moving Average (Green Line) also happens to be in that neighborhood as well.
Meanwhile, I'd be a cautious buyer of Long positions during next couple of days on pullbacks.
Possible timeframe on the Long play: 2 weeks
Rino Choi
Titans of Wallstreet
Market Technician
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