Once again as Friday's closing bell drew nearer, our stop-loss hasn't been narrowly touched. What is more concerning though, is that the HYG ETF stopped holding up relatively well in the last two hours of Friday's session, which didn't exactly add corresponding fuel to the bottom fishing in stocks.

And the aftermarket S&P 500 trading had a downside bias to it, making it justified to take advantage of any microrotation in the Sunday Asian session to get out of the open long position, because with the HYG ETF closing below the Wednesday and Thursday intraday lows, the rationale for keeping the long position open, has considerably decreased.

Please see the Trading position section for details.

Trading position (short-term; futures; our opinion): long positions (100% position size) with stop-loss at 2992 and binding take-profit target at 3020 are justified from the risk-reward perspective.

Thank you.

Monica Kingsley
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.