If you've been looking for an opportunity to enter S&P Short...

If you've been looking for an opportunity to hop on the S&P short train, here you are. We've failed to break the ~289 resistance point for two days now. And after failing yesterday, the market opened today significantly lower. We've tried again in this morning's trading session to break 289 - even with more volume this time, bulls still failed.

Now volume is increasing in the bearish direction. Down is more likely from here. I've charted entry points, stop-loss, and shortterm profit target. Wait for the afternoon's trading session to begin (~1:30pm EST) to gauge whether bulls will attempt breaking 489 one more time. If bullish momentum is weak or nonexistent, I'll happily add to my shorts.

Happy trading.

Trade active:

Last week, I added more to my short as planned. This week's market open was significantly lower than where we closed on Friday, which is definitely a bearish sign. Let's see how this week plays out. I'm hoping to reach my short-term profit target at about $280 before end of week.

If I see two clear bullish days in a row, I will book my profits and look to get back in the trade when bullish momentum dies.