Swing-trading short this market may not be done and over just yet.
I closed my position in SPXU (3:1 inverse of SPX) for almost a 6% profit in the Splash Zone yesterday as well as another 2% from a QQQ short. Based on the price action overnight, I thought the market may see a bounce today.
And we have seen a minor bounce so far actually, but it isn’t anything impressive.
Well, it looked impressive initially, I took a stab at it, by adding a couple of long positions, but closed them out when the started to lose their trading edge. No edge, no reason to continue trading that stock.
Below, I’ve put together my current watch-list that I am working off of for potential future short setups should this market continue the trend of the previous three trading sessions.
Here’s the swing-trading watch-list for short setups that I am following:
