The market continues to drift higher; SPX reached both new intra-day and closing highs yesterday.
The bulls remain in control; but the chart shows some signs of consolidation. SPX managed to reach yet another all time intra-day high at 2045, but pulled back slightly to close at 2039, up just one point from the day before. There could be a pullback, even just a slight one, any time before the upward momentum continues. I see support at 2020, about 20 points below yesterday's close.
SPX 6 month chart
Futures are relatively flat this morning, which could signal a quiet end of the trading week. However, the Retail Sales report is being released at 8:30 am, which may change the tone of the day.
I am, very cautiously once again, planning to enter a weekly SPX Iron Condor for the November cycle sometime today. I am recommending anyone entering this position live do so in a smaller size than usual. As always, I will wait at least the first hour before entering the position.
I will post suggested trade entry when an order is submitted, as long as SPX remains within the trade guidelines.
For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, and can be found here:
Link to Articles
As always, stay keen on your risk management and trade carefully,