S&P500 Buy signal - 1033

S&P500 bounced up from 1022 to 1042 resistance level on 6th July. On 30min charts the 10ema failed to break above 50ema. Long placed at 1035 was stopped out on break down below the 50ema.

Break above 50ema (1033) was again triggered in the first half hour of trading. Target move up to 1070-1085, a 50% to 61.8% retrace of the fall from 1131 on 21st June to the low 1011 on 1st July. S&P500 has the potential to rise another 50pts back to 1110 region over the next 5-6 trading days.

However on a medium term, the S&P500 is on a SELL signal, which was triggered at the start of May at 1170 level. Only 5 days closing above the Daily 50ema (1096) will change the downtrend.

Date	Trade	Price	Stop	Target	Profit
07Jul	BUY	1033	1038	1085	£50
22Jun	SELL	1115	1035	950	£800
10Jun	BUY	1068	1115	1130	£470