I am sharing the trading plan for the S&P500 I have sent last week, on January the 10th, to my newsletter subscribers in the last mid-week update (see an example here) . I will update this plan today with what I expect in the S&P500 going forward using the Program and Algorithmic Trading rules found in my Trading Method.
‘The analysis for the S&P500 e-mini futures contract is the same as last week. S&P500 price held the 1390 level and is still headed into the 1472 target level. Based on the lateral price action of last week the Scenario 1 (see picture below). As it cab be seen from the below picture at the moment this contract is moving according to the first scenario which, as I indicated last week, was the more probable outcome. Although mostly lateral price as an upward bias and is continuing higher into the 1472 target. After that it could start a correction lower into the next support level in the 1427 area. Then price could then resume its move higher into the 1513 target.
Clearly scenario 1 above played out last week, trading 1471.50 very close to that 1472 area mentioned in the setup.
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