Just an FYI on the SPXL official trade idea posted earlier today. As SPXL (3x Bullish S&P 500 ETF) exceeded the suggested stop of 58.50, moving as low as 57.18 before reversing, in keeping with consistency, SPXL will be considered stopped out for a loss of 3.2% and moved to the Completed Trade category.

For those still in the trade who set their own stops or gave it a little more rope, here are my thoughts. I typically set the stops on a trade using an R/R of 3:1 or better, calculated to the final price target. In my haste to mock-up the charts, compose the notes on the trade & get it posted asap in this fast moving market, I only calculated the stops based on the first price target of 66.40.

For those still in the trade or considering a position in SPXL or any $SPX related instrument, my personal & the now unofficial price targets remain as posted (T1=66.40 & T2=69.92). SPXL could still reverse & fall short of those targets but I still believe the odds are quite favorable that those price target will be hit, most likely within a few trading sessions. Although SPXL has been moved to the Completed Trades category, I will continue to monitor the trade along with any other significant developments in the equity markets.

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