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A Diamond Topping Pattern Is Forming on the S&P. Tim Knight Is Watching
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Chapters8 segments · tap to seek
ticker lesson
Breakdown
0:00lesson
Portfolio construction approach
- Trading style: lots of little shorts
- Few long put positions
- Portfolio behaves differently than market
- Not a perma bear approach
1:50SPX· ticker
SpaceX — stable equilibrium
- 6 days of chaos, 5 days of stability
- May have sucked oxygen from other IPOs
- Important for market to find home
- No sudden price spikes expected
3:39MICR· ticker
Micron — short exposure ended
- No longer shorting Micron
- SMH key long position
- Reached trend line
- Support level critical
5:38SMH· ticker
Semiconductor ETF — key support
- Key long position via January puts
- Tagged trend line
- Support level important
- Teasing support level
7:38IBIT· ticker
Bitcoin — bearish outlook
- Bearish disposition
- IBIT shows large honey pattern
- Crawled back to ~67k
- Teasing sub60k zone
7:39ES· ticker
E-mini S&P — diamond pattern
- Diamond topping pattern
- Need to get below Friday's lows
- Need to get below June 11 lows
- Innate weakness observed
7:40SPX· ticker
S&P 500 — gap test
- Gap between Monday and Tuesday
- Short term thesis: stay below gap
- Early morning strength sold off
- Re-entry opportunities possible
7:41lesson
Market timing and re-entry strategy
- Quick wins taken off
- Short week with holiday
- Pattern continues: chop in and out
- Re-entry opportunities
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