This may be the wrong move, but the S&P looks to be forming a hammer reversal today that cleaned out a couple support levels, so let's exit the current trade on SPXU. The daily chart MACD shows a bullish divergence if the market to were to bottom in this area.
More to follow later today or tomorrow.
SPXU Trade Exit
Sell any open SPXU with a market order today. Blog exit price is 39.50.
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There are unfilled gap downs on SPY at 107.50 and 109.23 that may attract prices on a rally. So if today's reversal holds, then expect a move up toward those levels over the next few days.
ReplyDeleteI will still probably look to re-enter at the first overbought signal.
Also, I will post charts with some other support or resistance lines to help zero in.