Double Top - S&P 500 Short Position

11 сент. 2019 г.

By looking at the daily or the 4-hour charts, you can see the S&P 500 is looking to be a potential double top. We are approaching record highs and I would not be surprised if we see a pullback before making new highs. RSI is looking to be potentially overbought at this level also. I will also not be surprised if we have a bad news cycle within the next week in regards to tariffs or slowing economic numbers. One thing I like to ask myself before I take a trade is "Is their more to gain on this trade, or more to lose?" To me, this trade looks like one where much more is to be gained if my analysis is correct. Looks like a great potential setup to me.

What do you think? SPX

Entry - 3020
Stop-Loss - 3040
Take-Profit - 2970