🔺Double Alert: +5.4% Surge & 22.6x Volume on $SNXXB
- With this size of volume spike and the price now extended well above the most recent swing high, the risk of a short-term bull trap is high — especially with RSI at 80.9. However, the strength of the breakout and aligned bullish indicators mean momentum could push price a bit higher after a pullback.
- If you are considering a long, **wait for confirmation**: look for a pullback into the 14.92 or 14.57-14.92 zone, and only enter if you see strong bullish reversal signals (pin bar, bullish engulfing, or a clear sign of absorption on lower timeframes). Example: Price drops to 14.92, prints a hammer or bullish engulf, and quickly reclaims 15.04.
- Entry for a long: On confirmation as above in the 14.92-15.04 area
- Take-profit targets: First TP 15.20, next 15.42, trail further if momentum continues
- Place your stop-loss below the swing low of the confirmation candle or below 14.17 swing structure, depending on your risk tolerance.
- If price fails to reclaim 14.92 after a pullback and instead falls under 14.17, bias flips bearish and I would expect a larger retrace toward 13.60 or lower.
- If you want to fade the move (short), only do so on strong reversal confirmation at/above 15.42, with a stop above recent highs and a target back to 14.92 or 14.57.
#SP500ClosesAtRecordHigh #SNXX
- With this size of volume spike and the price now extended well above the most recent swing high, the risk of a short-term bull trap is high — especially with RSI at 80.9. However, the strength of the breakout and aligned bullish indicators mean momentum could push price a bit higher after a pullback.
- If you are considering a long, **wait for confirmation**: look for a pullback into the 14.92 or 14.57-14.92 zone, and only enter if you see strong bullish reversal signals (pin bar, bullish engulfing, or a clear sign of absorption on lower timeframes). Example: Price drops to 14.92, prints a hammer or bullish engulf, and quickly reclaims 15.04.
- Entry for a long: On confirmation as above in the 14.92-15.04 area
- Take-profit targets: First TP 15.20, next 15.42, trail further if momentum continues
- Place your stop-loss below the swing low of the confirmation candle or below 14.17 swing structure, depending on your risk tolerance.
- If price fails to reclaim 14.92 after a pullback and instead falls under 14.17, bias flips bearish and I would expect a larger retrace toward 13.60 or lower.
- If you want to fade the move (short), only do so on strong reversal confirmation at/above 15.42, with a stop above recent highs and a target back to 14.92 or 14.57.
#SP500ClosesAtRecordHigh #SNXX