Thx for the high-marks & congrats on sticking with your analysis. Good call so far & we’ll see if the market can power through the remaining overhead resistance levels, particularly 178 in QQQ & SPY is already starting to poke above the big 279.50ish R level. How we close the week on Friday could be quite telling of which direction the next 10%+ in the market will be.

Agreed but it wasn’t just a great time to go long in hindsight, as I made it clear back Oct 29th, the very day the market bottomed, that the R/R was quickly shifting from the bearish to bullish side, closed out more shorts & followed up with additional posts & long trade ideas & closed there: https://rightsideofthechart.com/time-to-start-reducing-short-exposure/

However, I stated back then & will re-iterate that my plan was not to try & milk every penny of the counter-trend bounce, rather some of the early move & then look to start re-positioning short when the time seemed right. I can certainly see the possibility of more upside but at this time, I think that the R/R for scaling back into swing shorts with relatively tight stops, in case this rally has a lot more room to run, is quite favorable. R/R & probability of a trade playing out aren’t necessarily the same. Either way, I was recent bullish & net long & as of today, have increased short exposure to a net short position (swing position) which I will either add to or stop out of quite likely by the end of this week.

Typo… meant bearish. Bullish above the 200day, bearish below although intraday moves above & below that level, especially during periods of big price swings like we’ve had for the last month are fairly common. As such, best to wait for a weekly close above or below the 200-day (40-week) EMA on both SPY & QQQ before reading too much into that level.

A+ for his TA prowess though :)

Should this say be above the moving averages?, don’t understand