The S&P 500 opened the week lower, as futures reversed course into the cash session. But if the current Elliott Wave count that I have is correct, the selling should abate into the 2000-2023 support area on the S&P 500. Generally speaking, there is a likely long set-up for traders who are patient.
First and foremost, let’s see how the noted support level at reacts to prices. If we see a positive reaction, it will make sense to start building trading positions from the long side. Always remember to use stops when trading.
S&P 500 E-Mini (ES) Futures – 15 Min Chart
In other financial market news, Crude Oil is trading at new 52 week lows around $46 and the US Dollar trading flat to higher. Trade safe.
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No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.