Uptrend Ends on S&P 500 Hourly -- Now Looking for Rallies to Sho

2 thg 3, 2018

After a morning rally yesterday, it didn't take long for the S&P 500 to subsequently confirm that the uptrend from Feb. 9 was over. The 50 MA was already angling down in the morning before the S&P 500 firmly closed below the Wave 2 low at 269.64 (based on SPY) in the early afternoon.

As such, we are now in Wave 1 of a downtrend. I am looking for retracements to short.