This is looking a lot like a failed BO. It fell below the PoLR, the 20-day MA, pivot and on the brink of hitting my stop, which is just below the 50-day MA. I’ll see what happens at the 50-day, but I’ve pretty much already chalked this up as a loss and moved on. Perhaps I just got in too early and now it’s going to do a base reset.
Even though this had a very strong RS within the CD sector, that sector underperformed the SPX. Maybe I should be more vigilant of the sectors performance and not just a stock’s performance within the sector. Especially now when the SPX is on eggshells. If the sector is underperforming a bearish index, that certainly must spell trouble.
