Island reversal signals profit-taking pullback in NASDAQ
Four unchanged weekly closes in a row with the NASDAQ trading at 16 week highs has been a warning to bulls.
Management and risk description
Allow room to sell the bounce and lower stop to entry if the first target is met.
Entry: sell at market and at 4744.5, the September 1 low.
Stop: 4792.5, Thursday's close.
Target: 4583.0, a 38% pullback to the June-September gains and 4517.0, the 10-week closing trade.
Time horizon: this week.
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— Edited by Michael McKenna