Warning Signal !!!
We start September month by a major decline on S&P 500. While economic data on manufacturing, construction and pending home sales were positive, investor seem to worry about financial problem ahead.
Yesterday, Index breakdown the shortterm downtrend support line. It’s normal, as we know that S&P 500 index keep advancing since march while economy still in recession. I entered a day trade yesterday on SPY Put 100 @6.30 and i take profit @6.45 (only +0.15 of 6.30 / 2.38% in 40 minutes) .
This can be a warning signal for the bull. But i consider to wait a clear signal to short the market.