I started a Tier 2 size position short around $106.93 avg. I have a tight stop risking around 0.60% to perhaps make around 3%. Risk-Reward for this sell trade looks good to me. MACDbearish crossover + Divergence. RSI divergence.
Although Moving averages are pointing bullish .
That's true! Not sure if the high is in + Russel has been relatively much stronger compared to SPY and DIA this year.
I will probably look to hedge 1/2 of my short position with Nov. $106 calls or Dec. $106 Straddle if I can get a good entry next week.
I am unsure about the direction but I am bullish on volatility from here on.