Watching for return to Fib support after earnings drop
Updated
Dropping hard on earnings, but it seems to be mid-range between Fib levels and below the previous July resistance area. I'm watching for a retest of 30, at which point I'll buy in for a rebound and continuation of the uptrend since June. It's a volatile stock, but this feels like the best move for risk-reward.
Trade active
My first lot triggered at 30.50, but it's dropping faster than I wanted. playing out more like a swing trade. Will purchase another lot at 30.Note
New to this so I'm realizing the long position art should have been overlayed on today, but I'll be tracking in the comments regardless.Trade closed: stop reached
Stopped out at 29.50 - Support held for most of the day, but sellers seem to have gained control. Looking to see how it closes today and opens tomorrow to come up with a more conservative approach.Note
S&P closing under 2,875 (Jan Highs) and looking to close under the 200DMA on the week is pretty bearish. I won't be going long in any equities unless there's an unexpected bullish reversal in the near term.I'll be waiting for the dust to settle before looking at any short strategies. SFIX could be a candidate down the road under 22.6
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