New Short-Term Trade

Click on Chart to Enlarge

The weakest of the major indexes the last couple days has been the Nasdaq. The chart above shows that there is a strong bullish divergence on the RSI and MACD on the QQQQ. It is even more pronounced but a little weird looking on the other indexes. But this continues to suggest we should see at least a brief rebound and enough to push the market to short-term overbought levels. If that occurs it may be a fantastic opportunity to reverse into a bearish trade.

New Trade:

Buy UWM with a market order today. The current price is 27.07 which will be the blog entry price. Place a GTC sell stop at 26.31 after entry.