Major Technical Breakout This Week, What Is The SPX Target? Aug 15th Plan
In Thursday’s newsletter, I wrote how I was long from the 4200 zone late Thursday, and discussed where I’d add Friday, with my lean being we run to 4260, 4285, 4305. This couldn’t of played out better with Friday’s squeeze, and one can only thank basic, technical analysis 101 for this move.
As discussed Thursday: We broke out a major, obvious resistance level on Wednesday at the 4200 zone which was clear resistance from June. We did it by a large margin (60 points) and with momentum. Thursday afternoon, we did what every technical analysis textbook says after breakouts: Back-tested it at ~4200. Then Friday, we squeezed 80 points to close right around my 4285 target.
SPX has had two major technical breakouts in the past month and now 4 green weeks in a row, the question everyone wonders now is when do we get a dip? In today’s newsletter, I’ll discuss my thoughts on picking/timing tops in trading, and look at some big picture resistances/targets + Mondays plan