This contributes and confirms that SPY should be pulling back. MTUM and SPY are correlated.
Daily view shows megaphone top. (or Broadening Top http://thepatternsite.com/bt.html)
Megaphone Top can breakout either direction. Given the tilt of this megaphone, I feel the price is falling backwards against momentum.
Since the slope is too steep, price is hard to escape the megaphone.
For this reason, I feel price will fill all 4 gaps on chart (red boxes) down to $113.
MTUM going down also shows opportunities to examine holdings of the , to see what primary tickers may fall. Then short them or buy puts.
I will be posting a MSFT short/put opportunity later today. MSFT is a major component of MTUM .
is not totally topped out here. Need to wait for entry.
Entry looks to be either 70+ or top two gap fills (down to $122) breaking white support line.
I am not currently active in this position, so I will not follow this as regularly.
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I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC , BTCUSD , GDX , VIXY .
Short SPY and AAPL .