S&P 500 Pin Bar Signal At All Time Highs, ASX 200 Pin Bar Fiesta | May 13th

S&P 500 – Can It Close Above 1900?
Also on a never-ending bullish trend, the S&P 500 eclipsed the 1900 barrier briefly, forming a small pin bar signal. The last time the index hit the aforementioned barrier it sold off heavily losing 90 points in a matter of days. It is possible we may find some aggressive sellers here a second time. But barring any impulsive moves downward, I’ll look to get long on pullbacks

Our Trade Idea: Look for a corrective pullback to get long around 1850/45 area, which is where the rising long term trend-line comes in. Upside targets will be 1886 and 1898 with tight stops below.

s&p 500

ASX 200 – Pin Bar Fiesta
After a sharp 3 day sell off, the ASX 200 (Akin to the S&P for Australia) found a strong base of buyers willing to hold the line between 5400 and 5450. You will notice there were several pin bars, with a lot of wicks/rejections below 5456 and zero closes below here. This communicates a strong willingness for bulls to step in and reject the value below here.

Our Trade Idea: I suspect pullbacks towards 5472/85 will be bought up, so look to get long here on weak pullbacks with stops below at 5421. Upside targets will be 5547 and 5584.

asx 200

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Max

    Hi Chris, as always your guidance is welcome and appreciated. I guess what you are saying is given the pinbar signal at a key level, you would consider it a better trade to stay with the long term trend and wait for a pullback buying opportunity, rather than “guess” the top and go short. Am I following you corrctly?