What A Difference A Day Makes

Update: 9:50 a.m., EST

Exited SOXS @ Stop 9.05, then re-entered after the open at 9.19.

Hard Stop @ Session Low 8.97 (not advice, not a recommendation)

SOXX, price action pushed above well-established resistance and so far, has failed to hold.

After hours has the SOXX, trading down -2.45-pts. (as of 7:30 p.m., EST) which gives us a hint there may be a new daily low at the next session.

If so, it’s a Wyckoff Up-Thrust, a reversal, with significant potential for downside.

Positioning

Already short this sector via SOXS with hard stop at the session low of SOXS 9.05 (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279