Looking more and more like the Market wants to break out here. The 1116.25 did turn out to be the low after this morning's sell-off, we didn't even come back down to test it. Its a tough call here to go long, but if you do, you just have to be willing to take some heat and not get stopped out of your position. Decide what your target is going to be... If we do break out, we could easily see 1128, maybe even 1130, so figure out your stop based on that. At the same time, maybe we just threaten the highs, but don't get a real break out. You still can get out for break even if the market sells off from there. Set your stop at 1119. Set your entry at 1121.50 so you are only risking 2.5 points for a potential 3 point gain if you sell at the highs or potentially 7-8 point profit if you hold on for a breakout...
Me, I'm hanging tight for now, but I couldn't argue with the above trading idea...
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If you did get long at the 1121.50 mark, I would move up your stop at this point. Market action is dull, not looking strong, wouldn't chance a down-tick at this point. You can always get back in if we find support...
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