$SPX Bounce Targets

I'm still occupied with working on the back-end of the site but should be able to turn my focus back to trading & the markets next week. One of the improvements to the site that will be rolled out soon will be a comments section. This will allow any subscribers to post questions and comments to any posts made on the site, share other viewpoints & maybe point out something that I've missed, as well as view my replies to questions such as these. Currently, all questions and comments are handled via email using the contact form. Opening up a comment section will be an added benefit as all registered members will be able to view these discussions.

One other recent change (still a work in progress) is a much improved display when viewing on mobile devices, including a more fluid navigation menu. More detail on the comments section as well as a new trading room/forum to follow soon. Until then, here is a question regarding bounce targets for the $SPX along with a 15-minute chart (note: the $SPX broke above the descending channel since my rely, thereby exceeding my first bounce target).

Q: Great stuff.  Did you take a long at or around the lows for the day and what are your bounce targets on the SPX?

A: No, reduced some short exposure but I’ve been too slammed working on some improvements & bug-fixes to the backend of the site to devote as much focus to this market as is required for short-term trading right now. My programmer has been slammed with some big projects which has left me to do all the work lately with my relatively limited programming skills but she’s going to take the reins on Monday which will allow me to focus back on actively trading once again.

At a quick glance, bounce targets/resistance would be 1930 (top of a descending price channel on my 15-minute chart), then 1935, 1952, & possibly as high as 1979 if this rally starts to gain some momentum although I’m not expecting a move that high at this point.  I plan to study the charts & post an update before or possibly after the close today. My best guess right now is that any upside rally will be limited in both scope & duration but again, I really need to find the time to pour over some more charts & indicators.

$SPX 15-minute Sept 24th

$SPX 15-minute Sept 24th

2017-03-08T21:20:15+00:00 Sep 24, 2015 2:55pm|Categories: Equity Market Analysis|Tags: , |Comments Off on $SPX Bounce Targets