Stocks Analysis by Jani Ziedins covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Jani Ziedins's latest article on Investing.com
As obvious as this sounds, either 4,200 support holds, or it doesn’t. But sometimes, it is worth stating the obvious because a binary condition like this sets up a really nice trade. Buy the bounce early with a nearby stop and see what happens.
Of course, my critics will complain that I’m bringing this up after the bounce. But if they read Monday’sI liked Monday’s early bounce, and I bought it. But as a new position, I started small and kept a nearby stop under Monday’s lows. If the rebound continues on Tuesday, I add more. If the selling resumes, I get out and wait for the next bounce.
Remember, some of the best buying opportunities happen in down markets when the bounces come hard and fast. Look at all the profits savvy bounce buyers collected a few weeks ago when the index rallied nearly 200 points from the October lows.
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