New Short-Term Trade

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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.

New Short-Term Trade - UWM

Click on Chart to Enlarge

The short-term models for trades are oversold and seem to be finding some buying interest. The hourly technicals are more oversold than any time since November. While I still maintain that this market is topping, this looks like a good short-term bullish opportunity. The chart above is UWM which is a Russell 2000 2x bull fund, and this will be the trading vehicle for this trade.

New Trade:

Buy UWM today with a market order. Current price is 28.75 which is the blog entry price. Place a GTC sell stop at 28.13 immediately after entry.


For detailed info to follow this weekend.