In Breakout!, I wrote why I was looking to buy the S&P at the price zone 2278 to 2275 (basis CFDs). Figure 1 shows why I did not enter – the downside momentum was so strong, I never got a setup.
Prices did stop at the next support zone 2258 to 2263. Today. I’ll be a buyer if there is 30-min acceptance above 2281.50 with stops below 2258.
If prices break below 2258, the next support zones are 2248 to 2252 and the spike low zone. 2228 to 2. Acceptance below 2228 would negate my bullish scenario.
FIGURE 1: 240-Min S&P (CFD)