XLK made a perfect kiss of T1 today before bouncing so consider lowering stops to protect profits or cover a partial or full position to lock in gains, according to your own personal trading plans. at this time, i continue to favor more downside as soon as this bounce has run it’s course. next objective entry or add-on to the XLK short trade would be on a break of T1 support ASSUMING that the corresponding support levels on the primary indices (SPX/SPY, NDX/QQQ, etc..) have also broken. i always prefer to confirm a short of a sector etf or key individual stock (e.g. XOM, AAPL, etc..) with a breakdown of the major indices. shorting a stock with the indexes just above or at major support often leads to a quick stop out. updated chart first.
