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My Timer is Red. That probably goes without saying after this distributive day. There is no denying the damage done by today's heavy markets.
STM is on my chopping block and I can't imagine at this point that it will recover the TLine before the close.
For now I intend to keep everything else but that could easily change by the close.
I do note that SPY has come down to the trend line that I have been watching for some time. Here is the chart:
I closed ECOM today due to a strong sell off with volume and a loss of the 8ema. This is also a sell signal with the doji followed by the bearish engulfing candle: a Bearish Left/Right combo.'
My second half of FSL is on the chopping block as it has lost the 8ema and it is time to lock in the 24% profit on the second half. It is above my target as it is.
XIV is getting close to my break even point and I will take half of the large position off as soon as it does to reduce risk in the name.
SPY so far is holding the TLine but it is impossible to tell if this is where it rolls over to tag the bottom of the channel again or if it will pop higher off that TLine. For now my timer remains green.
I will hold all other positions. Here is the ECOM chart.
SPY has done a good job today of turning Friday's candle into a down day within an uptrend. The index bounced right above the trend-line that I have been watching and is now back up through the 8 ema. Friday's distribution looks more like a spinning top from the way it chopped down then back up. My positions have followed suit and I will hold them all for now. Here is the chart:
My daily trade timer is red - the candles on the weekly chart are currently a sell signal.
We are in a distributive phase - we don't know how long the correction will be.
The overall trend is up and it would take a lot more than a few down days to change that but for now we are in a small correction in that longer term trend. In this case, I will keep on eye on current positions but will not add any longs. Here is the weekly SPY chart.