On Oct 11, 2018, I appeared on the Benzinga Premarket radio show
On that date, I said that it was very likely that all the bounces we were to see in the short term were going to be sold off. And since then we have been aggressively selling.
Attached are images generated from the internal system that we used to set those trades up from a swing perspective, and how the system looks currently.
Deep supports have been tested and today we saw some signs of life at deep support areas across the board.
It is time to manage the remaining short positions from a swing perspective by watching the daily support regions as I am looking at the close of today’s trading to provide some specific support in the major indices.
Intraday traders may try to pick bottoms into the end of the week as we will be looking at non farm payrolls and a looming election that may provide a continuation to the relief bounce.