SPX Primary Day Trading Plan.
Plans for week starting 7th of August, 2023.
Executive Summary (TLDR/Overview):
The market has a strong day trading bias favouring short positions for the upcoming week. Recent support breakdown at 4500 in SPX suggests a near-term downside bias with potential targets at 4440 and even 4300. A short bias remains while the market remains below 4500, with initial targets at 4450 and 4316 if support levels are breached.
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We will now look at important support/resistance levels. Considerations for bulls and bears. Trading signals and ways in which the trade plan fails and we needs adapted.
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