Mr. B here with an increasingly rare check-in.
I have altered my trading to free up time for other things.
Historically, I have taken bigger positions and scaled out profit units pretty quickly to leave a comfortable runner with protective stops. It worked well.
Lately, I have been taking smaller positions and absorbing volatility without scaling to capture more of a swing if I am fortunate. Time will tell if I should keep doing this.
It allows me to limit screen time to the morning and go do other things. So, I have been posting less too.
The NYMO cycle is DOWN and has been since July 13.
We have had a steady sequence of lower highs and lower lows.
However, we are now in the Lower Turn Zone and have been for 3 days (4 if today doesn't bounce).
So, it is time to be watching for a turn. Intraday NYMO is up today while price is down, so we have a divergence.
We are pretty close to the oversold zone too. If NYMO drops down there, I will be looking for a bounce.
Price cut throught the 50 MA and middle keltner band pretty cleanly (no pause, bearish).
We have gaps above and below that can act as magnets.
The two nearest down gaps are interesting. The first breaks a low that could trigger some stops. The second would tag a stranded NYMO benchmark at SPX 4299.19.
All stranded NYMO benchmarks get tagged eventually.
Big picture, my bias remains bullish because the last rally tagged the upper keltner band.
If bears can tag the lower keltner band (presently SPX 4248.94), bias flips.
Guessing there is at least a bounce to the middle keltner in the cards before bears can confirm control of the ball, but I don't know what will happen.
I am short SPX and NDQ.
Generally, Mr. Market doesn't like to put in a low on Fridays.
So, maybe some lower lows early next week (not a prediction).
If I see positive divergences or perhaps ahead of Powell's Jackson Hole speech, I may take some profits.