Good afternoon team,
We are prepping for an opportunity on the SP500. It appears as though risk off sentiment is coming into play. NASDAQ has already broken out of the wedge formation. Well done to those who caught the breakout.
The SP500 could follow the NASDAQ, it is currently trading on a key trend line inside the wedge formation.
Get ready to enter sell positions on the breakdown.
Trade Setup: SELL STOP: Entry price 3200, stop loss 3270 and take profit left to run but targeting the 3100-3066 levels.
Stop loss 70 pips
Keep in mind if the market breaks back above into the wedge after activating the trade you will need to close out. If you are actively watching the market you may want to wait for a breakout, retest and then enter the market.