Stocks are selling off in dramatic fashion… well… comparatively speaking.
The market has been stuck in a 13 day range and as I stated in the trading plan this morning, broke 2155, which creates a strong potential for more downside.
But this move seems too easy, and while technically it makes sense to get short as soon as the market crosses the 2155 threshold, this market has been anything but easy (i.e. Brexit sell-off/bounce). I think that plenty of bears will get sucked in on a break down out of the range, but I also think it setups up for a quick bounce before we see the real selling come online.
For now, wait for a bounce intraday before loading up on your shorts. The bulls have been ramping this market up on a daily basis and I would expect the same to occur again this afternoon.
These are the short setups I am currently following:
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