... I will be looking for a long position. Of course, 1290 looks good now but it can change depending on what the market does until the open. Anyway, I will be expecting a deep sell off before I go in.
This is a short term trade. I intend to take profits around 1312 in a couple of days. Then, I will reassess. A move up into the Fed meeting at the end of June cannot be ruled out.
My main reason to go long is the fact that the cpc 5 day EMA is oversold. Sure, this ema can head even lower, but for the most of this bull market the current level was a good opportunity to buy.
Another reason is that, despite the recent weakness in the SPX (black line), the New 52w Highs-Lows (blue line) failed to make a lower low.
chart courtesy of: StockCharts.com
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