That alone is not a reason to short as wave structure may change or a corrective rise may keep rising.
There is no urgency to liquidate shorts, just a bit of reduction and putting hedges back on was all I did.
may be I am giving too much credit to the bulls thinking that, at some point, they will stage a good bounce, but better safe than sorry, if index starts to falter, I can remove some hedges.
S&P needs a move above 1070 to have a chance at changing the short term down trend.
Well, as I was editing a chart for you, index did an ugly candle drop on 5-min chart.
As I said, the rise does not look impulsive.
Another gorgeous day in our town and it is off to an amusement park that we'll go.
If I get time, I'll look at some broader charts and make a post in the evening.
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