US500 Intraday Long: Playing the Bounce in a Sideways Market

The Sideways Grind & My Play

Alright team, Seojun here. The US500 has been a bit of a tricky one lately, just grinding sideways, bouncing between its immediate support at 6042.47 and resistance at 6087.66. We're currently hanging around 6065.06, up a modest 0.25% today. Given this range-bound action, I'm looking at an intraday long setup right now. My entry is at 6058, catching it just above that initial 6042.47 support, which also happens to be near the day's low. Classic setup right here, trying to ride the bounce from the lower end of this range.

Levels & Logic

My stop loss is set at 6022. This gives it some breathing room below the 6042.47 level, but if we break that and push towards 6000, then my thesis is probably off for this bounce. For the take