S&P 500 Rebounds — But Is the Market Too Comfortable?
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The S&P 500 initially moved higher after Democrats won control of Congress, while the sharp drop in oil helped improve market sentiment.
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But I think the market may be getting comfortable too quickly.
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Geopolitical risk around Iran is still alive, Trump still holds broad foreign-policy authority, and another weekend is approaching.
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Technically, SPX is trading near the key 7,720 level.
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If sellers return, I expect another move toward the Support Zone ($7,523-$7,624).
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Trade Setup
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TP: $7,553
SL: $7,732
Key Level: $7,720
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For me, the next two days are more about risk management than chasing the recovery.
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Do you think SPX holds above 7,720 — or does weekend risk send it back toward support?
⠀
#SP500
⠀
The S&P 500 initially moved higher after Democrats won control of Congress, while the sharp drop in oil helped improve market sentiment.
⠀
But I think the market may be getting comfortable too quickly.
⠀
Geopolitical risk around Iran is still alive, Trump still holds broad foreign-policy authority, and another weekend is approaching.
⠀
Technically, SPX is trading near the key 7,720 level.
⠀
If sellers return, I expect another move toward the Support Zone ($7,523-$7,624).
⠀
Trade Setup
⠀
TP: $7,553
SL: $7,732
Key Level: $7,720
⠀
For me, the next two days are more about risk management than chasing the recovery.
⠀
Do you think SPX holds above 7,720 — or does weekend risk send it back toward support?
⠀
#SP500
