We are in the pullback zone identified yesterday. Note how the tick was positive even as price declined. Neither price nor the AD line was confirming that signal line. I'm lightening up on my TWM (double inverse Russel), but will keep some on hand until/if we see signs of a turn.
12:00PM PST UPDATE: If we can come down to about SPY $125 by the end of tomorrow, news permitting, that could set up a nice inverted-head-and-shoulders technical pattern forming an upswing Monday or Tuesday of next week with a good sized upward objective. That said, today could technically fit the bill as well, maybe put a bit on at the close with an associated stop while stalking a potentially better entry ahead.
Jeff Pietsch is a registered investment adviser in the State of Washington. The adviser may not transact business in states where it is not appropriately registered, excluded or exempted from registration. Individualized responses to persons that involve either the effecting of transaction in securities, or the rendering of personalized investment advice for compensation, will not be made without registration or exemption.
This blog is for educational purposes only, and nothing herein should be construed as an offer to buy or sell, or as a solicitation of an offer to buy or sell securities, or to provide individual investment advice. Investing is risky and past performance, whether actual or tested, is no guarantee of future results. The author neither endorses nor warrants the content of this site, any embedded advertisement, or any linked resource. The author or his managed funds may hold either long or short positions in the referenced securities. Republication rights must be expressly granted by author in writing. Astrices (*) indicate a compensated hyperlink or product reference. Author is the sole owner of the "ETF Rewind," shares in the proceeds of "DV_indicators", and may exchange services in-kind with participant contributors.