The S&P 500 has indeed bounced going into the closing bell, but it's too early to say (despite the positive close in the HYG ETF) whether this is a dead cat bounce or not. In order to prepare oneself for the possibility that more selling would follow during the Asian and European trading, let's adjust the open trade's parameters.

Please see the Trading position section for details

Trading position (short-term; our opinion): long positions (100% position size) with stop-loss at 3032 and initial upside target at 3230 are justified from the risk-reward perspective.

Thank you.

Monica Kingsley
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.