S&P 500: Real downside fireworks could begin today if ...
... the Nasdaq 100 goes negative into the close.
As per our previous notes, we elected a 50% short/hedge elected on July 29 for an average entry of 3261.66.
Raise the stop for now to a close above 3270.45 (today's high). While we're somewhat loathe to do this, the
current market conditions dictates it in so far as the trading action today indicates that a minor 2 wave may have
completed at today's high, with a 'c' of countertrend minor '2' completion.
We'll look to add to our position on any countertrend rally now that develops once this current move confirms
it is unfolding with an impulsive downside structure.
We were stopped out of our previous 50% short/hedge position from 3180.70 (25%) and 3240.65 (25%) for an effective
0.65% loss, bringing our total loss on our short/hedge positions taken to date to ~ 1.01%.
As per our previous notes, we elected a 50% short/hedge elected on July 29 for an average entry of 3261.66.
Raise the stop for now to a close above 3270.45 (today's high). While we're somewhat loathe to do this, the
current market conditions dictates it in so far as the trading action today indicates that a minor 2 wave may have
completed at today's high, with a 'c' of countertrend minor '2' completion.
We'll look to add to our position on any countertrend rally now that develops once this current move confirms
it is unfolding with an impulsive downside structure.
We were stopped out of our previous 50% short/hedge position from 3180.70 (25%) and 3240.65 (25%) for an effective
0.65% loss, bringing our total loss on our short/hedge positions taken to date to ~ 1.01%.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.