$ROST can continue to be falling today

Correlation trading strategy idea analysis.

2 days ago I showed you the possibility to make a long trade of Ross Stores after publishing the earnings report.
But the earnings report was worse than I expected.

Yesterday $ROST fell lover. Also, there was a good correlation between this stock and $SPY.

In my previous ideas, I showed my vision of correlating moves.
There are a lot of companies, which reflects the overall market condition and are good for correlation intraday trading.

But after the good news, some companies more tend to go up with the market than do down.
After the bad news, like in the case with $ROST, companies tend to go down with the market than go up.

Today I want to show you the possibility to make one of more intraday correlation shorts of this stock.

Look on the $SPY and $ROST charts.
The last two days downside $ROST moves were stronger than upside moves.

Following the correlation trading strategy, it is reasonable to wait for correlated support level breaking.
When $SPY and $ROST simultaneously break their support levels, It will be possible to short $ROST.

Do not view this idea as a recommendation for trading or investing. It is published only to introduce my own vision.
Always do your own analysis before making deals. When you use any materials, do not rely on blind trust.
You should remember that isolated deals do not give systematic profit, so trade/invest using a developed strategy.

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