High risk trades:
Buy S&P 500 @ 1790 if it breaks above & goes higher, for less than 30 minutes expiration
Sell S&P 500 @ 1790 if it fails to break or stay above & drops, for less than 30 minutes expiration
Stocks are going back up as S&P 500 is reaching 1790
Resistance @ 1790 slightly broken, stocks are still in uptrend but hesitating @ 1790, staying just below it
Risks: S&P 500 might be too high & only stay above temporarily if support is weak, more possible resistances @ 1792, 1794, 1796, choose a shorter expiration
S&P 500 might also drop below support then go higher if it follows previous market pattern again
Update:
Breaking news: Senate Banking Committee votes 14-8 in favour of Janet Yellen nomination, stocks went higher & should stay above 1790
"Buy S&P 500 @ 1790" is already a win
S&P 500 should not drop below 1790 anymore, but just in case it does, abandon "Sell S&P 500 @ 1790" as it might just drop below then go higher again, unless there's another negative news for stocks
Result: Buy S&P 500 @ 1790- 2 wins
S&P 500 broke above 1790 & went higher, breaking above small resistance @ 1792 easily & expired @ 1792.51 at 11am EST
It started dropping from 1794 at 10:52am, which was why we recommended a shorter expiration for a safer trade
Resistance @ 1794 was stronger & was only broken after 1:42pm EST
Support @ 1790 was strengthened after the breaking news so it did not stay above temporarily only but for the rest of the day
2nd chance to buy S&P 500 was at 1pm EST when it dropped to its lowest @ 1790.74 & went up higher to expire @ 1792.95 at 1:30pm EST
It also broke above 1794 resistance later & 1794 turned into support after that
Resistance @ 1796 was quite weak as it was broken several times, but S&P 500 was unable to stay above it today & dropped to close @ 1795.85
Sell S&P 500 @ 1790- invalid & abandoned
S&P 500 did not drop below 1790 anymore & was invalid as we expected
But as a precautionary measure, we recommended to abandon the signal just in case it's oversold & drop below then go higher again
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