The market is in the midst of another 2-day pullback.
Each of the previous two weeks had one of these as well, and on both occasions, SPX pulled back to the 10-day moving average before rocketing higher. This time around though it is a bit different in the sense that SPX is about +20 points removed from the 10-day moving average still, thanks in large part to the massive rally on Thursday and Friday of last week.
Today I haven’t added any new long positions, in fact I added one short position to accompany the already two long positions in my portfolio. I’m not looking for a big upside move out of the market right now, I think if there is a big move to be had, and I’m not saying that there will be, it would seem to be more from the sell side as the market is extremely overbought and nearing levels where investors will be inclined to book some profits.
For now, go through the list of bullish setups below, find the setups that work for you in the right market conditions, and when the stars align, let it rip!
Here’s the bullish setups:
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