The Gilmo Report

July 17, 2019

July 17, 2019

The market  melted to all-time highs on Monday, setting up a distribution day off the peak yesterday. This resulted in another down day today, but on lighter volume. The S&P 500 and NASDAQ Composite Indexes closed below their 10-dma. That equates to two days off the peak for the S&P and the NASDAQ, and tomorrow looks to be a rough open with futures down after-hours thanks to weak Netflix (NFLX) earnings.



The way things played out today, I was able to act on a long entry signal for the ProShares UltraShort QQQ ETF (SQQQ) at 31.70 this morning, and it held above that entry all day before gaining traction into the close. After the close, the SQQQ is trading at around 32.73, thanks to NFLX and its associated downside break in the NASDAQ futures.

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