Good Move, bro... No clear cut clarity there from either side, imho. Deciding to cut a loser when you have a good opportunity to do so is King & very difficult to do.. Nice Job, seriously!
Short at 2724.25, a solid entry at R/S, second guessed myself and exited b/e and gave up 15 pts. Short @ 2718.50, (not as good an entry as above -- on the downtrend line), very tight stop, partially stopped out, +4.25 on remainder. Was there a news event that triggered this plunge from 2730?
Counter fed driven pa from yesterday and macro induced pa from today. Also this range is within 3/21 fed pa which we need to break to move higher. Hard to handicap this one other then looking for a break of yesterday's afternoon pa. What was an easy march to 2750 is completely muddled. An now Trump to speak later this morning, major off script risk.
Ah, just saw the triggering event for the plunge @6:44 west coast. Trump cancelled the Singapore meeting with Kim. Note that technically, the situation at the plunge was double top with head & shoulders.
I'm all about managing risk, but it seemed like an alternative to put the stop above the current medium term high considering the distance.
Perfectly timed macro news at critical support and low of day. 15 min engulfing action spx can't argue with that. March higher back on. These longer term macro issues can eventually break the back of a market trying to recover, see contested 2000 presidential election. Even when they are resolved the damage might not be undone.