Shedding Some Light on This House

As a follow-up to my last post, where I announced a new HD short, here is that Home Depot zoomed-out daily chart. 

Note that the stock has seen no 200-day moving average (yellow line) test by price since last summer. With peers LOW SHW flashing notable weakness today in front of the Fed, I suspect that the Depot will follow suit. 

As we know, shorting these monsters has been a tough task. But if correct I believe the rewards will be well worth the risk, meaning a true downside correction will be highly profitable for shorts, if it comes. 

Headed into the Fed, I closed out the rest of my GOGO long (noted in my last post in an update, and on social media) to lock in the rest of that win. Also, RAD continues to act well today in this sloppy tape.

On the short side, I have my eye on SBUX if it cracks its 20-day moving average lower. And keep an eye on big biotech GILD to see if it cracks breaks down through what could still be deemed a major topping out process.