Moving down from here will have the recent uptrend speed line taken out, which could mean the recent advance we had in markets is doomed...The daily chart has a valid short signal here, so it makes sense to hedge portfolios with puts or going short $SPY or futures here (or selling calls till March 21st). If $SPY climbs back over $400 ish then the down trend here is invalidated.
Yet another nerve wrecking juncture in markets, perhaps the nice period we had is over, at least in large/mega caps.
Best of luck!
Cheers,
Ivan Labrie.
Yet another nerve wrecking juncture in markets, perhaps the nice period we had is over, at least in large/mega caps.
Best of luck!
Cheers,
Ivan Labrie.
Trade closed manually:
Banked my puts/ES shorts, can reenter on retrace tomorrow morning maybe, for now secured 1.67%...
Comment:
Ended up moving lower today, bot bonds and gold at the open, which acted as hedges but looks overall risky for the broad market here. If this level doesn't hold it can get ugly.
Let's see what next week brings...and FOMC on the 22nd. Tons of time till then.
