Expecting a Rebound for 1-2 Weeks; SPXU Trade Exit Order

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Given the bearish sentiment (short to intermediate term) last week and the bullish candlestick pattern on Friday, I expect the market to rebound from this level for 1-2 weeks before continuing lower. Several sector ETF's made bullish engulfing patterns, and some made piercing patterns.

One thing to watch from a market direction/logic point of view is whether the market could retrace the last 7 day down swing in less time than it took to form. If not, then that should indicate the market is still in a larger downtrend mode. I see a few ways to view this as a pattern integrated into the larger picture, and basically they are that there is more time and probable downside before an intermediate term (multi-week) bottom should be in place.

SPXU Trade Exit Order:

Place a day only limit order of 35.00 to sell the open SPXU trade.