Update from last week's chart:
The mode has dropped from 8 days at 89-90 to 10-days at 88.50-89.50 which means that sellers are capping the advance.
If BABA can climb back over the MODE, then the upside will be the trade to take. For now, we wait for the market to holder UNDER the mode for an entire day.
I'm fine with being short here with a stop over the mode and I'm fine with selling any rally to 88.50-89.50 and targeting a 10-day decline starting tomorrow.
Given how the market is under pressure (Chart of SPY, QQQ) and BABA is holding "AT the mode", so that is a small positive. Updates to follow.
Stay in touch.
Tim
4:15PM EST 10/7/2014
The mode has dropped from 8 days at 89-90 to 10-days at 88.50-89.50 which means that sellers are capping the advance.
If BABA can climb back over the MODE, then the upside will be the trade to take. For now, we wait for the market to holder UNDER the mode for an entire day.
I'm fine with being short here with a stop over the mode and I'm fine with selling any rally to 88.50-89.50 and targeting a 10-day decline starting tomorrow.
Given how the market is under pressure (Chart of SPY, QQQ) and BABA is holding "AT the mode", so that is a small positive. Updates to follow.
Stay in touch.
Tim
4:15PM EST 10/7/2014
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