Trading plan for SPX500 for July 31, 2020

Technical outlook:

SPX500 is looking to turn lower from current price around 3250/60 levels respectively. The index futures are seen to be trading around 3265 levels at this point in writing and seems to have carved a meaningful lower top around 3280 levels earlier. SPX500 faces major resistance around 3400 levels and is expected to remain under control of bears until prices stay below that mark, going forward. Immediate support is seen towards 3100, while resistance is around 3280 levels respectively. The boundary which is being worked upon is between 3400 and 2200 respectively. Also note that SPX500 has retraced up to fibonacci 0.88 levels of the previous drop. High probability remains for a bearish reversal ahead.

Trading plan:

Remain short stop @ 3400 target is open

Good luck!


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