Posted 1/4/2024, 7:05:00 AM
S&P 500 Pulls Back From Rally, Traders Cautious on Next Move
- The S&P 500 has declined for 3 straight days, giving back all of last week's gains
- Smart traders took profits last week and are waiting for the next trading opportunity
- The index broke the steep rally from October lows, so a bounce is likely but could be misleading
- Shorting the recent rally has worked so far for adventurous traders using tight stops
- It's important to respect stops and not stay short if the trade stops working