While price action today exceeded my ED target, as long price never exceeds 1213, it is technically in play. And, since the SPX closed at 1210, that pretty much means we need to go down from here. Should we exceed 1213, then that means we are in another subdivision of this larger bull move.
With that in mind, I have now moved up support to 1199 and key support to 1189. That means I'll be initiating an aggressive short position should price do the following:
- Touch 1196: initiate 1/4 position
- Touch 1186: add 1/4 position
- Touch 1179: add 1/2 position on the first hourly pullback (noted as RSI(5) exceeding 70).
Initial target remains 1080.
Of course, if this bull has more to go, then price will stay comfortably above these levels.
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