Trade or Fade labelled today a “TRADE” day for the March S&P futures, as yesterday had the narrowest trading range of the previous four sessions. This meant we were looking for a directional move in S&P futures today.How has it unfolded?
S&P Trade or Fade Report
Above is today’s Trade or Fade Report for the March S&P. Last night’s open was 890.50 (highlighted green). The Trade or Fade buy point was at R-1, 705.09 (higfhlighted yellow); we looked to buy the break over R-1.Profit targets were yesterday’s high of 715.25, then second Trade or Fade resistance at 719.69.As with the crude oil example from earlier today, note how the market retraced to first resistance before taking off (see the crude oil post here ).
There was a good breakout buy in the Spoos today
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