Thursday’s bullish run into the closing bell evaporated faster than you could say Jack Robinson. On the heels of the Amazon (NASDAQ:AMZN) earnings disappointment, stocks slid
during the overnight session, opening subdued across the board. The glimmer of hope offered by stronger than expected ISM Manufacturing PMI data proved short-lived, and gave us an opportune entry point to exit the prior long position on better terms, and simultaneously open the new and immediately profitable short position.
S&P 500 in the Medium and Short Run
We’ll start this week’s flagship Stock Trading Alert with the weekly chart (charts courtesy of http://stockcharts.com ):
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