Both SPY and XLF have sell signal generated today. In the weekend review I wrote “I do not believe market has the strength to break above the multi resistance level without any consolidation. also Monday, 6/15, is an important time level that could lead to a big reversal.” We indeed see a sharp selloff today and it forms a MDD.
This is the beginning of a new down leg, so build the midterm short positions slowly. At the early stage, market can be very choopy.
A little more charts are added to the trading blog for subscribers.
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