S&P technical analysis in 10 seconds (including a trade idea)!

The S&P is at a potential double support area and some short positions should be covering soon. The reward vs risk for a contrarian Long is interesting enough to take this trade, IMHO.

The strategy for this trade calls for a risk of 0.86% on the stop loss, with the intention of taking a 50% profit cut if and when the first profit goal is hit at 3999.50. That is a 2 to 1 reward vs risk for half of the position. The other half will be kept in Long (stay tuned for further updates).

Trade the S&P at your own risk. Visit ForexLive.com for more technical analysis .