Yesterday we saw a continuation in the heavy bout of liquidation post Fed chairman Powell's presser. the market stalled bang on the 100 Day moving average and established a new 3 point uptrend.
A sizeable (relatively) bounce overnight, cause by dip buyers (don't worry the fed has your back guys) has given us a healthy 600+ point bounce to establish new short.
The Buy the Dip narrative may have just been dented enough to trigger some liquidation coming into the weekend.
Target area on the downside is 24,800-25,000 range with a stop loss through 26,080 (220 tick risk for 860+ profit)
Happy hunting!
Trade closed manually
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After a quick 400 point sell off with the market never being more than 30 ticks offside. I have decided to clothe order.
~I still feel the initial target will be reached but the may be an opportunity to re enter the short at a higher price and creat a better average.