The Line That Proves This Uptrend Is Broken

The market was green all day, then the wheels came off into the close and Tim Knight says the honest truth: nobody knows why. But the chart gives him something to hold onto. The S&P's broken trend line, cracked back at the October 6 high, just repelled prices, today's high stopped almost perfectly below it, confirming the line flipped from support to resistance and the uptrend is still broken. He's still short 25 names, down about 4% from Friday's peak, but stays rational. 📊 tastylive: https://www.tastylive.com/ 📰 Get Tom's pre-market analysis every morning: https://www.tastylive.com/newsletters 📘 FREE Options Strategy Guide: https://tinyurl.com/bp9ms763 📱 Follow tastylive on X: https://x.com/tastyliveshow Chapters 00:00 The wheels just came off 00:50 Still short, 128% committed 01:40 The SPY and the broken trend line 02:40 Today's high stopped right below it 03:20 Support has flipped to resistance 04:10 Giving back 4% from the peak, staying rational 05:10 The Dow, nothing clean to see 06:00 Small caps, bound between two gaps 06:50 80 days, no net change 07:40 A grind-fest until something breaks #tastylive #timknight #tradingcharts #spy #trendline #supportresistance #rangebound #shortselling #technicalanalysis #stockmarket tastylive is a real financial network, producing hours of live programming every day. Follow along as our experts navigate the markets, provide actionable trading insights, and teach you how to trade. With over 120 original segments, and over 25 personalities, we'll help you take your trading to the next level, whether you are new to trading or a seasoned veteran. tastylive content is created, produced, and provided solely by tastylive, Inc. ("tastylive") and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. Options, futures, and futures options are not suitable for all investors. Prior to trading securities, options, futures, or futures options, please read all applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange Traded Options Risk Disclosure Statement found at https://tastytrade.com/disclosures/. Past performance is not indicative of future results. Performance is not presented net of all commissions, fees, and expenses. Multi-leg option strategies incur higher transaction costs than single leg trades as they involve multiple commission charges. Examples provided are for illustrative, informational, and educational purposes only and are not intended to be reflective of results you can expect to achieve. Supporting documentation for any claims, including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request. tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer.