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Rules Of Engagement: Wait For A Move Above 2055 Or Below 2048 On SPX

Published 05/24/2016, 12:58 AM
Updated 07/09/2023, 06:31 AM

If you've been following this market over the last two trading sessions, there are probably a millions things that you can think of that would be more productive than watching the current state of price action.

  • Watching grass grow
  • Watching paint dry
  • Watching Jim Cramer

No wait, no....I don't wish Jim Cramer on anybody.

You get the point. The market isn't providing many opportunities right now. I am 20% short and finally the market is making a little bit of a move here in the final hour of trading to the downside, but even that is questionable until we break out of this 5-minute intraday range shown below.

Essentially, wait for a move that takes us above 2055 or below 2048. Those are your rules of engagement, soldier!

SPX Chart - Range Bound Trading

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