So, is the drop beginning? It kind of looks that way, but there’s still no solid setup for entering a short position — and there hasn’t been so far.
The trend is still upward for now, and this current pullback might just be temporary.
What I like about the short idea is that August is traditionally a weak month for stocks.
Could this be the start of a big correction on the market? Yes, it’s possible.
It’s just a pity there’s no clean setup for a short. I’d like to enter, but I’d prefer to see a bit more confirmation on the chart itself.
In general, trading the index off of chart setups isn’t easy — perfect entries are rare. That’s exactly the case now. I’m watching and wondering how and when to catch the downside. Maybe I’ll end up sitting through the entire drop without a position :)
Overall, I’m in favor of the short — but for now, I just don’t see a clear entry point.
The trend is still upward for now, and this current pullback might just be temporary.
What I like about the short idea is that August is traditionally a weak month for stocks.
Could this be the start of a big correction on the market? Yes, it’s possible.
It’s just a pity there’s no clean setup for a short. I’d like to enter, but I’d prefer to see a bit more confirmation on the chart itself.
In general, trading the index off of chart setups isn’t easy — perfect entries are rare. That’s exactly the case now. I’m watching and wondering how and when to catch the downside. Maybe I’ll end up sitting through the entire drop without a position :)
Overall, I’m in favor of the short — but for now, I just don’t see a clear entry point.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.