Just Add to It; Chess Moves

 I added to my NKE short at $92.06, bringing the position up to 6% of my trading portfolio capital. My original entry and thesis for the NKE short can be found in this blog post. I entered at $92.93 with a stop over $97. I am going to keep that stop in place. NKE is still threatening a breakdown from well-defined support. Bulls had numerous chances this week to break it higher with the broad market rally. But they appeared to be without much vigor, to my eye. That 100-day simple moving average is going to be a key area next week, as I am playing for it to convert into well-defined resistance now, instead of support. The light blue lines denote a descending triangle pattern, which is typically bearish (think BABA and GPRO examples we looked at in recent months), because the series of lower highs puts too much pressure on the well-defined horizontal support, and eventually it breaks.