S&P 500: More Room to Run? (w/ Joe Perry) | Trade Ideas | Summary and Q&A

TL;DR

Joe Perry of ForexAnalytix remains bullish on the S&P 500, suggesting buying on a pullback to $2800 and setting a stop loss at $2750, with a target of $3050 in the next two months.

Key Insights

• 👋 Technical analysis plays a crucial role in Joe Perry's bullish stance, considering wedge formations, retracement levels, and wave patterns.
• 🧘 Scaling into a trade with smaller positions can be a strategy when expecting a pullback.
• ✋ Liquidity and stop-loss levels above previous highs may contribute to a potential move higher.

Transcript

JAKE MERL: Welcome to Trade Ideas. I'm Jake Merl, sitting down with Joe Perry, Global Head of Business Development at ForexAnalytix and former FX and futures trader at Point72. Joe, great to have you back on the show. JOE PERRY: Always great to be here, Jake. JAKE MERL: So, you were here a couple weeks ago, and you suggested buying the pullback ... Read More

Questions & Answers

Q: What are the technical indicators Joe Perry used to support his bullish view on the S&P 500?

Perry utilized an ascending wedge formation, AB/CD pattern, and Elliott Wave analysis to support his bullish outlook.

Q: How did Joe Perry enter the trade, and is he currently in it?

Perry scaled into the trade, buying micro E-minis to have a partial position. Yes, he is currently in the trade.

Q: What is Joe Perry's target on the upside for the S&P 500?

Perry expects the S&P 500 to reach new highs and potentially trade up to around $3050.

Q: Is Joe Perry concerned about the bond market's signals and the looming trade war?

Perry believes the Fed's recent statement gives permission to buy stocks, dismissing concerns about the bond market and trade war.

Summary & Key Takeaways

• Joe Perry analyzes the S&P 500's ascending wedge formation, expecting a break lower towards $2720.

• He looks at the AB/CD formation, which aligns with the retracement level and suggests a move lower.

• Perry also considers Elliott Wave analysis, anticipating a move higher towards $3050.