SKF (Ultrashort Financial ETF)

The SKF had a classic trending day up on June 22. The 5 moving average on the 30-minute chart was the stop, and price trended above this moving average all day. The chart shows that even when 10-minute MACD turns red, it does not mean there is coming weakness when the 30-minute and hourly charts have such strong white MACD.

There was never a CCI sell signal on the 10-minute chart:

The MACD on the 30-minute chart stayed strong all day, indicating that any pullbacks on the 5- or 10-minute charts were buyable pullbacks:



The target was clear: the 30 moving average of the daily chart. Price closed almost exactly at this trendline.

This trade also went with the trend of the market, which was clearly down. This became the worst selloff for the market in a month's time. The SKF shorts the financials, so it was a trade du jour!