#FOMC Trade Ideas 9/20: I'm expecting a bounce today to retest the lower trendline which is my first upside target: 4480. There is a possibility that the 4507 gap is filled and the second trendline is also retested but it is unlikely.
I would like to short around 4470-4480 area (Daily 50MA is 4484) if price gets there. If price rejects from 4450 today then 4420 can be retested which would be my first downside target. If 4420 doesn't hold then 4395 and 4380 possible.
Trade Alert Recap: $SPX 4470c 9/20 - This chart currently shows the fib retracement for the recent runup with the low at 4335.31 on 8/18 and the high at 4541.25 on 9/1. Once the price got into the Golden Zone and bounced from 4420 (big support), I entered the 4470 calls for 9/20.