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Updates 11:58 AM EST - Wednesday 7/15/20
The long TQQQ position got stopped out per our 10:10 AM post. The short position TZA got triggered per 11:20 AM post.
Market continues to send out bearish short-term signals.
Updates 11:20 AM EST - Wednesday 7/15/20
We now have more data. $VIX is forming a coiling pattern on its 5-minute chart. It is coiling upward. This is bearish.
$SPX looks most vulnerable. It may retest the morning high, but most likely won't surpass it.
$NDX is not finding the usual buy-the-dip buyers to raise price up quickly. It is struggling and is likely to continue dropping down.
$RUT IWM small caps were surprisingly the most bullish. But it looks like TZA is ready to rise now. TZA may still retest 18.7 but it most likely won't drop below that.
We will update our current Signal Trade very shortly.
Updates 10:10 AM EST - Wednesday 7/15/20
We are seeing the following combination:
The data is somewhat conflicting. We recommend continuing to tighten stop on long positions.
If $SPX IWM continue to run into sellers at the top of their orange resistance zones, then manually exit long.
At the same time, you can enter into a small bearish bet to start against IWM (via TZA for example).
Updates 9:18 AM EST - Wednesday 7/15/20
We are seeing the following combination that we discussed at 1:15 AM.
We recommend tightening stops on your long positions.
Do not enter short yet.
Updates 1:15 AM EST - Wednesday 7/15/20
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