TREND TRADE: Long from open, 11/9.
SWING TRADE: Flat from open, 12/22.
DAY/SCALP TRADE: Long bias but short scalp possible..
PRICE TREND: Down 2 days.
Today was down across the board on follow-through from the breadth turn down 12/20. Assume tomorrow with be more of the same.
Markets go down until they don’t anymore. Been told that is as dumb a statement as can be made but it is in fact absolutely true and it is the very basis of simplicity so often unrecognized in market movements. It is that simple, the market is either up or it is down.
Recognizing the simplicity is where the money is made in trading.
Again, aggressive traders might want to play the short side via short ETF’s — SQQQ (featured on the chart below), TZA, UVXY. In fact note the previous bounce on SQQQ, not a bad scalp for some profits. Could happen again. Now.
(right click on the chart for a larger view)