As noted in the email:
Note: My apologies for posting it so late in the day. In fact I am delaying this email a few more minutes so that the market can close and cooler heads may prevail. This is not a bear call, but rather just a little setup that I am taking a shot at as I had thought the market might bounce to this level (after the declines on Tues. and Wed.) and had planned to poke it short if it did.
A very simple one from the short side. SPY has bounced to a short-term resistance point. A short at 211 +/- could be taken if one has bearish conviction. The handy stop loss is above 212.
This is by no means a recommendation. It is just a setup with limited risk. I sold SPY short outright (no leverage), but I also have long positions. I will not tolerate much upside with this position.
30 min. view shows 2 gaps that can fill. So maybe one might wait until they fill and use a stop loss above 212 to suit risk tolerance.
Sell Short: 212 +/-
Target: 206 (preliminary)
Stop Loss: 212+
A reminder that chart based NFTRH+ updates are just trade setup ideas, which may not be revisited as the parameters are already noted. They are meant as a starting point for further research if interested. Fundamentals-based ideas are also provided for your further research only. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst.