Collective 2: CHRK out
The entry candlestick was wider than I would have liked for an ideal risk:reward ratio and this was reflected in the eventual cash loss of -$1,040 (-8.8%) on a 2,000 share lot. Looks destined to test the 200-day MA at $4.40.
S&P "Bull Trap"?
I thought there was sufficient evidence to argue against a "bull trap" in the S&P, but it would appear the market wasn't interested in such thoughts and sellers were quick to reverse the initial push above 4,200. Adding to the pain were new 'sell' triggers in MACD and On-Balance-Volume, although the former occurred above the 'bullish' zero line, making it a weak signal. Selling volume ranked as distribution as selling momentum picked up speed. The index is also underperforming relative to the Russell 2000.
