First if you’re a monthly chart watcher and long term trader, leave, you will not want to hear this. The likely hood of getting a knee jerk up swing is great here.
Ok, we all know this is a Government news driven sell off but how much pain can you take before you buckle? I have rules that I setup for myself and I will comply but I’m not liking it. Warning1 fired! Warning 2 fired! Today we closed below the uptrend line, so tomorrow morning, I’m required to sell out of the C-fund. The only chance I have to stay in is by 11:30am we are trading at or above $1663. Anything below that, and I’m out of the C. What about the S and I?
Price is so close here to W1 and W2 that it is hard to see. Technically, they both fired today but only by .70cents. Either way the sell number is so far below it doesn’t matter tonight or tomorrow because that level is $872. So let’s just wait for a little clarity in the future and just Hold.
Support did break, but we are still safe at the moment with no warnings fired. It looks like tomorrow the first and second warnings could be fired together. Conclusion, Hold
This is a crap situation but you have to have rules and act on them when they fire. You cannot always be right, but you can stop the damage so you can live to fight another day. Tomorrows number to reach by 11:30am is 1663 or above. Anything lower is a sell and I will bailout of the C-fund straight to G.
Till tomorrow!
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