Definitely not good news for bulls today as both the Dow and S&P closed with a bearish Ichimoku sign - both closing below the Kijun lines. I'm definitely going to pick up some short positions tomorrow, I think we have some more downside to this.
You can see the Dow closed at 8504 versus a Kijun support line of 8549 and the S&P closed at 912 versus a support at 917. A pullback has been projected for some time by market commentators so this may be the start of it. Keep in mind, this is a mildly bearish sign. What we don't want to see is the Pink over Blue cross over. We already have the Chikou Span validation of the bearish sign - but barely. This is the first time in this upward march that we've closed below the Kijun support.
My action plan is this - liquidate most of my positions and take some shorts. I'll keep you posted on which shorts I decide on - I sold my Allstate this morning, luckily while there was a slight gain in it. But that stock looks ripe for some short picking, and I think I'm on that. There are many others on the list, though.
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