PNC daily July 17th
The PNC (PNC Financial Services Group) short trade setup posted yesterday triggered an entry today on a solid move below the 84.52 level. T1 at 78.20 remains the sole profit target for now but I’ve also added a potential target zone which comes in around the 72-73 area (with the exact suggested buy-to-cover level to be added if/when that target is officially extended).
click here to view the live, annotated chart of PNC
Additional notes: The BXS short setup posted earlier today has also triggered an entry by crossing below the uptrend line. KRE is one of the largest declining sectors today, trading down over 2x the losses of the SPY & QQQ on above average volume, so far a good sign that a right shoulder may be forming but still too early to say with confidence.
The SPY just kissed the bottom of the bearish rising wedge pattern shown here in the last update on Wednesday. The SPY may or may not need one more thrust up back inside the pattern but is starting to approach the point within the pattern where breakdowns typically occur. Therefore, any significant move below today’s lows on the SPY would signal a breakdown of the pattern & likely usher in additional selling.