General Stock Ideas

[ITMS]

Trade The Charts: S&P 500 Attacking Key Level

Investors need to trade the charts. If you can shut down emotion and just trade the charts you can profit in bull and bear markets. Emotion is the great profit killer. To put it to use, let’s look at the current S&P tracking ETF (SPY). We are currently attacking the $263.00, the same highs we knocked up against a week-plus ago. The last time the S&P traded into this level, it failed. This tells investors and traders that if the $SPY can close above $263.00, it will have broken out. The upside is likely to $274.00 as a minimum, this is a key gap fill. I even think the SPY could push through to the 50% Fibonacci retrace level at $280.00.

By using the charts, you can position your portfolio for these monster moves that will likely take place in just days. The gains that members have seen just compound how key using the charts are. Trade the charts and profit for life.

See the chart here: https://inthemoneystocks.com/trade-the-charts-sp-500-attacking-key-level/

Gareth Soloway
InTheMoneyStocks
Chief Market Strategist