As posted in a previous idea... I expect equities to continue chugging along to new highs as consumer confidence continues to outperform and, possibly, a turn around in manufacturing data... A small bullflag looks to be forming and a blow off top looks to be in the cards before a decent size correction that will eventually lead to new highs...
In short... Short term UP Medium term DOWN Long term UP
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Broke through the flag, monitoring closely
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this all looks like an ending move to me... greed and fear index is very high while manufacturing numbers are in contraction... one headline can send this tumbling down into a correction... I will consider taking a short around 3100 with the intention of going long at a lower level as the long term should still be bullish... I will notify if I take the short...
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Not taking the short as I am already exposed via my crude oil short... I think shorting at 3075 against all time high stop would be a great low risk trade
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Tons of back and forth movement indicating a larger move is on the horizon... very mixed day as trump came out saying he didn't agree to any trade deal just yet... next week is up in the air but I am still leaning towards correction... My thought is still downwards for oil and equities but I swapped over to an SP500 short as I believe the move will be more substantial here... stop at all time highs...
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Stopped out... Long term bullish Medium term correction Short term up in the air...
@artizan777, So I made the decision not to short as I am already exposed via crude oil... same concept though... I think entering a short on a break of 3075 with a stop at all time highs would be a great lower risk entry...