We closed the week back testing the range break. I initiated a short in X Friday. I am careful chasing after crowded trades these days and the Tariff sectors are very crowded. I also want to mention news out that GM cutting production of their Cruze. Low demand. That is an initial red flag auto sales in general might be sluggish.
Gonna make this very quick.
Steel is looking ridiculous right now. It broke out of its logarithmic resistance (extremely hard thing to do, took around 8 years), is at a daily resistance right now of around 51.60, and has fantastic potential to jump up to 57.00-58.00 MINIMUM, 76.00 being Aggressive. That doesn't even include the new tariff Trump put in...
It looks like the steel (here represented by SLX, i.e. its ETF) is moving down. It has bounced of resistance with doji-like bars (so no motion upwards). Consider shorting now and taking profit at the support.