.SPX: 6440 Will Be Retested AGAIN
Hello everyone! Today i want to share some trading ideas with you!
1
Green Path: $S&P 500(.SPX)$
(1) large gap-up to open the last trading sessions of March, as well as first quarter.
(2) 6440 will serve as a MAJOR resistance and I think it will stop today's rebounds.
(3) also, the hand-pointed trendline would serve as strong support--btw, gap-fill is possible.
As expected, the LARGE opening gap is alomst closed.
Now, large chopping sideway moves btw 6440 and 6360;
Nimble traders would make money by trading both ways.
6388 PIN:
(1) dragged by two forces between 6440 and 6360, there won't be any breakthrough today.
(2) I would bet that SPX closes near 6388, with chopping moves in-between for the next four hours.
(3) will trade down & up based on the pattern, with 0dtx options.
6330 Support:
(1) now, the market is testing the 6330 support, after filling up a tiny gap at 6339 which left half a year ago.
(2) if 6330 is gone, then there is not much left to support the market, until pivotal level at 6150 zone.
(3) anyhow, 6150 will be hit sooner or later
2
6440 Will be retested AGAIN:
(1) With SPX closed 0.4% lower, $Cboe Volatility Index(VIX)$ dropped too--that is a signal of local bottom.
(2) plus, both DJI, $NVIDIA(NVDA)$, $Microsoft(MSFT)$, are sitting on a multi-year support zone, which SHOULD stop the crash scenario--for this week.
(3) bought 4/2 SPY calls for scalp.
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