IYT Position Follow Up

Friday I posted an IYT longer term short position entry, Trade Idea: (Longer Term) IYT Short with a back-up/chart post, IYT Charts.

So far it looks like we got a pretty good entry on that one as it has seen quite a decline thus far today back into the apex of the bearish descending wedge, ultimately it should move below it.

So far the charts are confirming the move lower and everything looks pretty good. I wouldn't chase IYT/Transports if you aren't already in, but typically after it breaks below support of the Ascending Wedge, there's a bounce which can be used for a short entry. Otherwise if you are in, I don't see anything that says we shouldn't just hold it here.

I suspect this groups is going to be very sensitive to this week's GDP print.

 Daily bearish Ascending Wedge and the pop just above the wedge where I prefer to short these as long as charts confirm.

This is this morning's activity thus far...

 And the intraday charts are in line with price, 2 min

3 min which is near perfectly in line and I suspect in an hour or so we'll see the 5 min and then longer charts follow.