I have been watching $SPY and $QQQ weekly bollinger band with MACD, and it is definitely coiling, ready for the big move (usually, big move follows how the MACD is pointed at least what I have researched and experienced). Same can be stated with $IWM, though BB is opening up higher.

However, the high buying volume is concerning on all indices. I still feel they have more room to run to an euphoric level (maybe a blow off top scenario) before crashing down. $QQQ was another great trade, Randy. However, I am afraid that they may tag onto the euphoria and move higher also.

A lot of red flags out there as you have pointed out, but as John Maynard Keynes said, “Markets can remain irrational for longer than you can remain solvent”.

We will take one day at a time.

Becareful out there. Have a nice weekend.

Me too! I’d never bet the farm on any one position but I really think that both IWM & the QQQ short trades have a lot of potential & even if stopped out, the downside is relatively minor. So far, we dodged a stop-raid bullet on the QQQ short by temporarily suspending the stop of a close above 117.50 on Wednesday. I smelled a stop-raid on a very solid trade & they managed to close the Q’s at 117.65 that day, a mere 12 basis points, or 12/100ths of 1% above that stop level. The following day (after I reinstated the stops) the $NDX printed a very bearish engulfing candlestick and today, the Q’s closed just below that key 116.00 level with the former market leaders (GOOG, AMZN, FB) continuing to sell off, once again closing down today.

Change of leadership or signs of a topping market? Only time will tell but I haven’t added any of the broad market ETFs as official short trades in quite as while since I was waiting for what seemed like the right moment & this sure looks & feels like it. I hope this one works out for both of us. Have a great weekend!

@jameske @Gaucho Thanks for pointing that out. @retireat60 also pointed out my typo in the comments under the previous (entry) post on IWM. I had glanced the wrong number on my scratch pad & have since edited both posts (as I had referenced the incorrect stop off the first post when I made this follow-up post) to reflect the correct stop of a close above 130.90, roughly 3% about the entry price.

Also, in case you missed it, I posted this 15-minute chart with the near-term pullback targets under that previous post in reply to an inquiry by @morrienelson :

The suggested stop 123.4 seems to be if it was a long entry (entre price 127,18 and 3% = 123,36).

Could you confirme the stop price for this short entry?

Regards