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Below is the ETF for small caps. I think there are two logical points of resistance, marked with arrows. The lower one constitutes the horizontal base of the topping pattern. The higher one is much more powerful, since it is not only a major price gap but also a major Fibonacci retracement level.
I realized I’ve mentioned XLF, but it merits another shout-out. This isn’t a huge top, but it’s an awfully clean one. I am long September $42 puts, so that’s 150 days of juicy possibilities.
I’ve said “Told Ya So” enough, so I’ll refrain and simply point out that TSLA keeps slipping into the drop zone, and it could absolutely re-visit the $100 level. This company is in horrible shape (and my Platinum/Gold folks got the heads-up on this, systemically, many months ago in a private post). The whole thing is just sad……….and remember Tuesday afternoon is earnings!
Remember Editas? (symbol EDIT). They were going to give you designer babies through genetic engineering. Anyway, it’s just another disaster, brought to the public in a market that created 50 IPOs for every 1 company that actually deserved it. 95% down, 5% to go………….
