Morning Look At The S&P500 Chart

Last Thursday the S&P 500 held right at the breakout level, 50% retracement, and 21 day exponential moving average of $1336.  Friday's Doji candle and yesterday's constructive bounce (albeit on low volume) is making this chart look fairly stable again.  The best thing about it however is that all we need is one meaningfull selloff for this chart to break and stops to be taken.  As such the long setup here in our opinion has nice and defined risk.


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