I’ve been looking for DJIA to break 200 points down move but this bull just won’t give in. I could feel the resistance of the bull every times the bear tried to push it down. I’ve to give the Bull credit for being so resilient!
As to the evening star formation, I just don’t see how a half-baked small range red bar can be convincing enough to carry thru the probability of a down day Monday; especially with the Bull fighting back so hard. I prefer to see the low of today to exceed the low of July 18th (2 days ago) but that didn’t happen. Thus, to protect my profits from yesterday short campaign, I closed out all my short positions (TZA and SKF) so I don’t have to carry this over the weekend. Nevertheless, I will revisit the short campaign if next week price action demands it.
Below is the daily SPY chart:
Current position:
Long-term equity: 9.5%
Cash: 90.5%
Good Hunting!
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