The Founders Group has taken a 50% position in the S&P 500 Futures at 4374.50 on the test of lateral support, the demand trendline, the 2-day wave dip, the partial Gap fill, hourly 21-EMA, and successful test of the Globex open (it gapped just above yesterday’s RTH high and settlement so good enough for a test of that too).
This represents the entry associated with the Navigator Algo high-trigger buy signal on the daily chart. I intend to scale in to 100%, and will share that in these pages as we move along. My stop for today is tight – an hourly close below 4370.50.
Again, do not emulate this trade unless you are willing to monitor it closely – and I mean very closely.
September at-the-money SPY calls can also be used for the trade, as can the SPY itself if you are reticent (as you should be) to be leveraged.
Our first target is 4404, with a final target at 4500, the same targets as communicated last week before the options liquidation break.
A.F. Thornton