4/4/2024 – A negative day with the Dow Jones down 530 points (-1.35%) and the Nasdaq down 228 points (-1.40%)
Today’s market action was nearly ideal if we consider our overall forecast and/or trading setup.
Shortly after opening we posted a technical entry point for the remainder of our 50% short position in our Intraday section. At 38,950 on the Dow. This position was triggered today and we are now, both long-term and short-term, 100% short (no options). With a stop loss at 40,500.
The only issue with today’s market action is the Dow’s inability to close Tuesday’s gap down in full. It came close, but not entirely. Having said that, both the S&P and the Nasdaq have closed their respective gaps. Finally, the market is now moving outside the short-term margin of error TIME turning point associated with this top.
All in all, thus far and outside of a few little issues, this top hit looks nearly perfect.
In summary, thus far we had a perfect hit on our projected market top. We have now shifted our positioning from 100% long to 100% short.
End of Update ——-