Hello Everyone,
Quick Notes: Well those divergences finally kicked into gear overnight leading to big downside gaps in all the major indices today and while the market did manage to close off it's morning lows the bulls will need to regroup and follow through on today's bounce to negate a deeper move down short term. On the SPX the uptrend line from March 2020 was tested today and now vulnerable if hit again. Take time to refine your plan in preparation for increased volatility.
Reminder that I will be traveling from July 9th -July 21st and will not be around in the trading community during that time. Matt will also be away tomorrow so you guys are on your own and best wishes to everyone.
Wise to keep some hedges handy as stated recently.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number. Lastly, it's best to wait at times for valid setups to form - sometimes less is more.
Please take a moment to look at the trade ideas.
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7/2: SPX daily DVT = 4258, SPX 2 day candlestick DVT = 4232, Weekly DVT = 4057
