Not much to add today, except the S&P 500 (SPX) has continued selling off, states Ian Murphy of MurphyTrading.com.
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).
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.
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.
Learn more about Ian Murphy at MurphyTrading.com.
