S&P 500 is extending losses, and the formerly leading sectors (energy, materials and industrials) are leading the charge today too. To the downside, that is. Consumer discretionaries are also having a bad day - just as finance or healthcare. Only tech is trading close to where it opened earlier today.

Coupled with the weakness in short-term corporate debt, such a constellation favors the downswing to continue. Our open profitable short position remains justified.

Trading position (short-term; our opinion): short positions (100% position size) at market with stop-loss at 2970 and with initial downside target at 2750. Stay tuned as finetuning the open positions is likely ahead.

Thank you.

Monica Kingsley
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care