Risk of a breakdown is up as heavy sell volume sets into price action.
A collapse in key industry leaders, most recently Apple, Google, Twitter and fast growing cyber security cos., is another strong tell.
The bias here remains Neutral as long as the S&P 500 closes above the 50-day moving average.
But- that doesn’t mean we can’t take a little risk. Emphasis on little.
We exited WCIC with another small profit. Never let a winner turn into a loser. We can always re-enter.
Looking to short CYBR and ACHC based on distribution in the handle and the likelihood that weak, short-term hands will be shaken out of these industry leaders. These would be very short-term moves.