.SPX: Will it Go Back to 5500?

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$S&P 500(.SPX)$ Will it go Back to 5500? 🤔

Read below 👇

We saw a low of 5500 get pinned back on 3/13 and have been forming higher lows since. As it stands the market is still holding higher lows as long as 5670 holds. If 5670 gets taken out the story changes and we can see a flush back to 5500.

As traders we want to keep an open mind and be able to react when different circumstances arise.

Here are 3 Possible Scenarios Below

Scenario #1: Bullish

Market holds 5670 and starts basing above there. We then see a move back to 5800 to break to the 5820-5850 region. IF the market can consolidate between 5800-5850 (form higher lows) then we will likely see a move back to 6000.

Scenario #2: Neutral

Market gets to 5670 and fails we see a test to 5600. We likely consolidate between 5600-5650 for a couple of days before deciding if we want to hold and move back higher or dump back to 5500.

Scenario #3: Bearish

Market gets to 5670 and fails to see a test of 5600. We consolidate there for a bit before dropping back to 5500. 5500 doesn't hold and we fade to 5200 which is a major support.

Like this if you would want more of these in the future! Lets see which one plays out!

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TRADE PLAN for Thursday! ✅

$S&P 500(.SPX)$ big reversal back lower after rejecting in the 5767-5800 range. If SPX breaks 5700 we can see a reversal to 5670,5646

SPX 5670P best under 5700

$Tesla Motors(TSLA)$ needs back through 276 to look better for the upside. TSLA above 276 will set up for 290 again. Wait for 276

$Meta Platforms, Inc.(META)$ in a wider range from 600-633. I'd treat META as a quicker day above 610 for a move to 623. 633 is a massive breakout level for a run back up to 700 this year.

META 620C best above 610