Not much to add today, except the S&P 500 (SPX) has continued selling off, states Ian Murphy of

The first bullish line of defense (-1ATR on a daily chart) has been breached and the index is heading for the -3ATR line (bottom chart below).

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The second defensive position at the -1ATR on a weekly chart is now the target for bears. This means the 52-Week Strategy position might be triggered out this afternoon if we get a close below $52.67 on SSO as shown with the gray tab on the top chart above.

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The Axsome Therapeutics Inc. (AXSM) daily swing trade is over (or not on at all, depending on when you entered) as the price closed below the suggested soft stop at $69.98 yesterday. It may be just as well as the price is down 1.8% in pre-market trading at 08:29 ET.

I wouldn’t be surprised if we had an acceleration in the selloff today coming into the weekend. Please make sure protective stops are in place and have a plan for all open positions.

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