The S&P is at a potential double support area and some short positions should be covering soon. The reward vs risk for a contrarian Long is interesting enough to take this trade, IMHO.
The strategy for this trade calls for a risk of 0.86% on the stop loss, with the intention of taking a 50% profit cut if and when the first profit goal is hit at 3999.50. That is a 2 to 1 reward vs risk for half of the position. The other half will be kept in Long (stay tuned for further updates).
Update for 02 Sept, 2022:
S&P futures reached the 1st profit target, and 50% is sold at 399.50, for a 1.73% profit. The entry to the Long position was at 3931.50, so the gain is 68 points profit. Now I will be updating the stop loss to the entry point, since it is far enough. Riding the rest of the Long, stay tuned for more updates.
Trade the S&P at your own risk. Visit ForexLive.com for more technical analysis .
Further S&P analysis for where we are at the end of the week that ended on 02 Sept, 2022:
