Russell 2K retest of 0.50 Fibo retracement; Bearish
Updated
IWM and RUT have retraced half the steep March selloff. Bearish divergence from NQ which is at 91% and other major indexes at the 0.62 Fibo.
Small business getting killed in the epidemic with global shutdowns. Full impact will only be apparent later this year; expect a double bottom.
Small business getting killed in the epidemic with global shutdowns. Full impact will only be apparent later this year; expect a double bottom.
Note
Shorted in the 29 May 130PTrade active
Added to shorts on the rising wedge, textbook pattern behavior. Got two big gaps to fill back to 125 from last week; expect to fill within a week IMO.Trade active
Yeah how bout that timing wow...Trade closed: target reached
Closed these puts on reaching support ~125, gaps closed, oversold IMO. Short any rallies!
Note
Sold harder than expected; not chasing this, prepared to short a retrace rally...Trade closed manually
Reshorted EOD and closed in the open. Expect bounce from oversold condition.Note
Helluva bounce omg! Right back at the 0.50 Fibo... Waiting to see if the squeeze gets this index higher, with economic distress on the small businesses, doubtful whether much upside left near-term IMO. Setting up for another short opportunity after the squeeze?
Trade active
Entered a Bear Spread in Jun 132P short the weekly 126 strikes. Just 5 contracts to open! Trades at resistance near 132... a Bearish Butterfly has appeared, and gap to fill!
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