SPG (Simon Property Group) was added as a short entry on April 30th at a price of 181.79. SPG is now approaching the top of the target zone with the uptrend line not far below. The official sole profit target will now be set at 170.85 with a stop above yesterday’s high of 176.59 (official stop now any print of 176.60 or higher), which would help to assure a profit on the trade should the stock reverse at or near the top of the support zone.
Overall, I see more downside in the REITs and remain short both SPG as well as DRN (3x long Real Estate ETF), which I current plan to ride down to either the 69ish and possibly the 61.50 support levels on IYR (1x Real Estate ETF).
SPG daily June 9th