The limit order for SDS was not hit this morning so that trade did not trigger and I am suggesting cancelling that order after today/ASAP. If by chance anyone would have decided to get in the trade on the open today (or even during the last 2 days), I would exit that trade before the close today, as it looks like the short-term model will be oversold before day's end.
It will be key to watch how the indexes respond tomorrow and Friday. If they are able to accelerate down while short-term oversold, that would likely indicate that a top is finally in place. However, the S&P 500 really needs to drop below 880ish to put the nail in the coffin.
If price finds support above 900 and short-term technical indicators turn up, then I would almost expect one more push to a higher high before a top is made.
I will update on BGZ tomorrow, possibly suggesting an exit, but only if it really looks like another significant move up to a higher high is in store.
Pete
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