So Far the Thesis is Looking Valid
If this rough start to premarket holds, then that short opportunity might happen today.
Check out my technical thesis in the link below.
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Trade the trends via technical, fundamental, and macro analysis. Day Trades, swing trades, and long-term investments.
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Gravity : What if it bounces back?
SpyderCallOP Gravity: it is very possible. It is only premarket. This entire move could get reversed during intraday. But I'm just following the technicals. This selling corresponds with a breakdown of a short-term support. It is just giving me more confirmation for my short bias.
SpyderCallOP Gravity: Personally, the way I see the charts, it would need to get back above 260 with strength before I get rid of my near-term bearish bias
SpyderCallOP Gravity: And I am definitely not going to short it right at open. That is almost never a good idea. I will wait for the market to show me which way it is more likely to go
SpyderCallOP Gravity: After a very bullish open, I'm not sure if today is a good day to short.