We are looking to start the day by reviewing the $SPX chart and pick up from where we left on our last video and market update, by start looking at $SPX and where it held the 2650 area we talked in the previous video, we have completed 4/5 Wave structure, now we are in process to complete Count 5, for a possible target of 2684 (Conservative Traders can Take Profits) however we can get to 2695 Today, which give us a healthy mechanical structure from technical analysis giving us a bullish setup to project higher.. however we do have some internals that show a top is near by May 11, and booking some profits in this big move is highly advised. – Again if you are not sure, use a percentage profit from invested capital vs possible reward, protect your initial investment by moving your stop to Brake Even or locking some profits.
To recap on our positions,
Daily on $SPY did Close above 50MA – is trying to stay firm above the major moving average, we will navigate further on next levels
Seeking Options Team
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