Trade ideas – Looking at a topping formation in SP500

Posted: 10th September 2019

Ian Coleman walking us through his Sell trade setup for the SP500 Cash (US500)

 

 

 

CALL:

US500 – Short Term – We look to Sell at 2985 (stop at 3020)

A bearish Head and Shoulders is forming. Trend line support is located at 2800. The formation has a measured move target of 2560. Posted Mixed Daily results for the last 25 days. Trading within a Corrective Channel formation. Trend line resistance is located at 2992. A Doji style candle has been posted from the high. Risk/reward is ample to call a sell trade.

Our profit targets will be 2800 and 2560

Resistance: 2992 / 3000 / 3028
Support: 2902 / 2800 / 2560

 

 

 

Equities Headlines 10th September 2019

Euro-zone equities secured net support from firmer global risk conditions and hopes for a German budget stimulus, although overall gains were limited amid mixed trends.

The German DAX index gained 0.25% with a limited advance for the Italian FTSE MIB index, but the French market moved lower.

Major UK equities were undermined by Sterling gains with a soft tone in gold also a negative factor and the FTSE 100 index declined 0.6%.

Wall Street stocks gained some support from hopes for US-China trade progress, but higher bond yields had a mixed impact with the S&P 500 index unchanged as the Nasdaq index edged lower.

Asian equities were mixed with trade hopes failing to provide additional support as caution prevailed.

Japan’s Nikkei 225 index gained 0.3% as the dollar made headway, but the Australian ASX index declined 0.5% amid weaker business sentiment and sharp losses in the gold sector.

China’s Shanghai index traded 0.2% lower in late trading with some unease over the lowest PPI inflation rate for 3 years while there were marginal gains for Hong Kong’s Hang Seng index.

 

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