- Auto and Tires are under-performing the S&P
- GT has formed a down trend
- Short on a break below 24 along with a bearish market condition (reversion to the down trend )
Technical Analysis: The latest down trend is reaching a key support level which coincides with the decline target from the slanted distribution top formation that triggered it in mid-July. Looking for the price to consolidate over the next month and for the price to start testing the down trend at the $94 level.
Geopolitical Analysis: With the U.S. & allies...
Macro Driver: Potential for the Federal Reserve (FED) to communicate their decision about the potential date for an interest rate hike with in the next 2-3 months. Accompanied by more communications from the European Central Bank (ECB) about more accommodative policies.
Trading Plan: Wait for an opportunity to go short on the resistance from the monthly down...
