Special Note: The recent UVXY and AA trades have already hit their respective +35% profit-taking thresholds. Keeping at least some of the UVXY position open is recommended, at least through Monday.
The market is closing out the week on the following terms, all illustrated on the charts below.
(1) All trend-lines/channels that have supported the YTD rally have been broken;
(2) As evidenced by the stochastic oscillator, upside price momentum has been exhausted as the stochastic has fallen out of a lengthy overbought condition;
(3) The risk:reward profile for Intermediate Term trading is strongly favoring the "risk-off" scenario suggesting trading on the short side of the market.
More in this weekend's update, due out Saturday (or Sunday).