Yesterday, as the SPX and NDX traded in a tight ~20 point range, I laughed, "And they say don't short a dull market, ha!" I also said, "Logic would dictate, market is exhausted". My baseline bet this morning in my live trading room was that we would not get above a key intraday level - as shown (black arrow) at blue trendline on the SPX chart (side-by-side with my USD/10Y ratio chart). We did a Pinocchio peak above for a New York minute, then dumped to form a perfect bearish engulfing bar on the hourly. It was the closest thing you get to a sure-thing short. (chart below).
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And on the 9th Day She Rested
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Yesterday, as the SPX and NDX traded in a tight ~20 point range, I laughed, "And they say don't short a dull market, ha!" I also said, "Logic would dictate, market is exhausted". My baseline bet this morning in my live trading room was that we would not get above a key intraday level - as shown (black arrow) at blue trendline on the SPX chart (side-by-side with my USD/10Y ratio chart). We did a Pinocchio peak above for a New York minute, then dumped to form a perfect bearish engulfing bar on the hourly. It was the closest thing you get to a sure-thing short. (chart below).