Nasdaq Short position

6 thg 10, 2020

I have been bullish the past 2 weeks on the nasdaq, but to me, everything has changed with todays price action. We have been unsuccessful in breaking above the 50% Fibonacci and the rollover of weakness is starting to show up in my custom indicator. As you can see, in a bull market, my indicator stays above 0.0 and in a bear market, the indicator tops out near 0.0 and then goes below. Right now, my indicator is going down and the 30 moving average on my indicator is showing bearish strength. If September was the top of the year, then this short will playout nicely as all stocks should break the recent lows. The goal for this trade is make 5% as my first price target to retest the support zone and then for that support to break for another 5%. Once this happens, I'll be monitoring for position to rejoin the overall bull market.