At least not for me. Every time I’ve tried, it’s been nothing but frustration.
Over time, I’ve learned to stay away from setups where price is fighting a wall of overhead supply. I’d rather wait for strength to come back and break through it.
That brings me to Consumer Discretionary $XLY, one of the ultimate “risk-on” areas of the market.
It had its shot at new all-time highs — and failed.
That’s not the end of the world, but it says a lot about where risk appetite stands right now in the very short term.
I’m not sure how long it will take to absorb all the supply at this level, but Friday brought sellers back. Until price proves otherwise, this is exactly the type of chart I prefer to avoid on the long side.
