I don’t think it’s too late although my preference would be a partial short position here, adding if & when both SPY & QQQ solidly move back below the bottom of Monday’s gaps & then the final lot if & when they take out Monday’s lows.

If my near-term bearish scenario of a move back down well below the bottom of Monday’s gaps & especially below Monday’s lows in SPY & QQQ pans out, that would sharply increase the odds that at least my intermediate-term targets of roughly QQQ 171-169.50 and SPY 273-270 will be hit. Additionally, if that scenario plays out, it will also increase the odds that my longer-term outlook for the market will also pan out. That has SPY & QQQ taking out the Dec 24th lows with a much larger drop all the way down to the top of the 2015-2016 trading range on SPY & QQQ.

As such, a less-active swing trader might opt to just trail down stops on any index shorts at this time, especially if we take out Monday’s lows with conviction, at least until those intermediate-term targets are hit.

I love trading crude via /CL, DWT or UWT & there was a recent setup on my 60-minute chart but I didn’t have an alert set & missed the breakout (above this downtrend line/price channel) earlier today so I missed it. Since then, CL hit & ran right through my first target of 53.69 & made a near-perfect kiss of my 2nd & preferred target of 54.77 & has stalled just below that resistance level since.

While I might normally have reversed long to short there (had I taken it) or just short it here below resistance now, for a quick pullback trade, I’d rather stand aside for now as there was some pretty solid positive (bullish) divergence in place at the recent low on /CL in addition to a bear trap, false breakdown below the 51.11 support, which was followed by the typical sharp reversal in the opposite direction once the 51.11 was recovered. Here’s the chart with some levels & as I type this, I’m starting to reconsider a short here for a pullback to at least that 53.70ish support as crude is likely to get dragged down with the stock market is my bearish, false breakout scenario on /ES & /NQ from earlier today pans out. If I do short /CL and the stock market continues to fall, I will most likely just trail a stop down vs. covering just above that 53.69 support.

https://www.screencast.com/t/hURVwZ4C