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A steeper downtrend channel
It looks more and more like scenario 2 - a head & shoulders top. The right shoulder is completed today. S&P barely bounced off the neckline. The big picture is not good. Today's sell-off also formed an alternative steeper downtrend channel, S&P has more room to fall.
WSJ money flows chart shows light outflows despite of DOW down 144 points. Maybe some big players bought dip, maybe because of tomorrow's option expiration, I am not sure. Let's wait and see.
Trading strategies
1. Swing trade for DUMMIES - sell short signal triggered on Aug. 11
2. Guerrilla trend channel - sell short signal triggered on Aug. 11 |
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