In our S&P 500 Index forecast for Wednesday – published last night – you read: “The aggressive, intraday models are currently flat. For Wednesday, the aggressive/intraday models indicate indeterminate bias between 2710-2735 – stay flat between these levels. Above 2735, long bias with very tight stops/trailing stops (5-10 points, depending on your trading style and risk appetite)”. Please click here for the full trading plans.

With the index breaking above 2735, our Intraday, Aggressive models have gone long (bought) at 2735.50, with a trailing stop of 7 points. The models have a take-profit sell order at 2741.50 (index level), as the 2740-45 range is anticipated to be a strong resistance. The models would reinstate another buy order IF the index clears that resistance band and crosses 2750. 

Our medium-term models are waiting for a break of 2750, as the 2740-45 level could prove to be a strong resistance. 

Happy Investing/Trading!