As indicated earlier today, the short-term model is basically overbought. Also intraday cumulative TICK levels are pushing into solidly overbought levels, even in this uptrend. Additionally there is a Gartley type pattern in the Dow which looks appealing. It may be necessary to place a stop above last week's high relatively soon in this trade, and that is the price level I would use to determine position size if that is important to your money management scheme. While it doesn't always feel right to get back in repeatedly after getting stopped out, that is the game the market plays.
So here is a new trade recommendation....
Buy SDS today ASAP with a market order before the close. The current price is 65.15 which I will use for the entry price.
Pete
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As of 3:00 pm the cumulative intraday TICK is the highest since last Thursday and the short-term model just touched overbought levels.
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