All morning, the bear has been playing Peek-a-boo with us. Is this for real or what?
Regardless, we have a mini-downtrend on a 15 min chart. Price is finding support at the 79 sma line. For this bear to take traction, we need to see price take out the symmetrical triangle and falls below the 89 ema.
Either we have another small range neutral day or a breakout to either up or down. We will find out soon enough since we are at the time-of-day that some major decisions are being made by big money.
Below is the 15m SPY chart. I updated the chart below after the close. Look like there is a small bias to the bull since price action peeks out of the symmetrical triangle. To me, it is still neutral and anything can happen tomorrow.
I bought back some TZA that was stopped out this morning at breakeven for another go. I’ve a tight stop this time.
I still have my TZA position after the close since my stops did not hit.
Good Hunting!
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Trading Journal update:
Sold my TZA for a tiny win (lunch money) and bought AMRN back.
AMRN took out yesterday high is the reason I went back in.
Bought back my TZA as a “hedge” this time for my LT-equity position.
Trading journal update:
Bought more TZA this morning.
Moved my TZA stop to breakeven. This bull doesn’t want to rollover so easily. As I’m typing, I got stop out of my TZA for breakeven.
Now flat on TZA.