We are on a historic 3-day rally that started Wednesday of last week and ended on Friday. Today we see some selling but not anything to get too serious about. And with trading in the final hour, all bets are off as to what this market might try to do in to the close.
With that said, you have to be careful about how much faith you put into this market. I am currently short SPX with the belief that the dead cat bounce has run out of gas and will begin the process of selling off again. Time will tell, but to get heavy in either direction right this moment is extremely high-risk and as a result, I am playing my portfolio on the safe side until we can get a better feel for the direction this market wants to take this week.
Below I have compiled all the long setups that I am currently monitoring. The charts are heavily damaged but there are some setups that are finally starting to emerge. Take advantage of them as the conditions in the market warrant.
Here’s my list of long setups:
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