Risking 2730.
If I get stopped out I would short again if the market takes out today's lows.
Tuesday marked a nice 42 trading day cycle high.
Today marks a 44 trading day cycle high in the Nasdaq.
Bullish news out of the way (priced in):
Fed has reversed it's hawkish tone. Decent earnings season. Overly confident consensus that a deal with China will happen. That one baffles me. I certainly think a deal is possible, but China has only one political party. I think it's 50-50 at best. AND... a deal would probably be a rally to sell.
There is another issue that is potentially bearish but I want to keep this on the TR page.
Moving Stop down to 2717.50 (scratch)
I forgot to mention that the S&Ps stopped just shy of the 200 day moving average. It wouldn't surprise me to see a sharp rally over that level in the low 2740s area and then fail. But for now, I remain short.
Covered on the close. I had to respect the turn around. Closing higher after early weakness. Small winner.
Thanks for sharing the trade joj!