Updated chart of the DJIA that shows how the market rallied back to the 17769 resistance level in the last rally into month-end July before turning back down. Earnings for CSCO are due tomorrow, then WMT and HD are next week.
Another interesting point to make on this chart is that the 1-year moving average, which is 253 days provided resistance on the last decline, which is a decent stop loss level for any short positions established starting today.
The last sell signal I published at the end of July to sell short triggered at the 17655 level and has been profitable at times after an initial move near the 17830 stop. The low has been 17279, which is a 380 point max profit, or barely more than 2% in the DJIA.
Stay tuned to see what happens. Lower the stop to breakeven if you haven't already.
8/11/2015 4:28PM EST
Another interesting point to make on this chart is that the 1-year moving average, which is 253 days provided resistance on the last decline, which is a decent stop loss level for any short positions established starting today.
The last sell signal I published at the end of July to sell short triggered at the 17655 level and has been profitable at times after an initial move near the 17830 stop. The low has been 17279, which is a 380 point max profit, or barely more than 2% in the DJIA.
Stay tuned to see what happens. Lower the stop to breakeven if you haven't already.
8/11/2015 4:28PM EST
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