The channel I highlighted recently on SPY was broken with solid follow through to the downside and the indicator set-up has triggered.
New Trade:
Buy SPXU today with a market order. Place a GTC sell stop at 37.36 immediately after entry. Current price is 39.25 and is the blog entry price. Use standard money management considerations for position sizing.
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I was using 1100 on the S&P 500 as a kind of line in the sand as far as maintaining the short-term uptrend.
ReplyDeleteAlso the decline thus far this morning makes the move down from the highs about 24 S&P points. The prior largest decline since the Nov 2 low was 20 points making this about 120% the size of that. Those familiar with the blog may recall times I have discussed looking for larger and faster declines than any in the recent trend and when you see a fast decline about 1.2 to 1.25 times the largest counter trend move, then the trend is likely over.