$SLV swing short alert 32 bucks

Volume continues to be anemic this week, but nonetheless there is an increasing amount of intraday volatility for anyone paying attention to the big boards. As volume starts to return this should favor the downside.

I have been focusing my efforts on day trading, and having my best results on the silver ETF SLV, during the first 30 minutes of trading. The SLV recently moved above, consolidated, and blasted above the 200 day moving average in a vertical move. It likely got the benefit of a short squeeze last Friday as people took the close below the 200 DMA as a sign of weakness.

I am not looking for an overnight hold to the short side on SLV until it gets to 32 bucks. At 32 bucks it is evident that there was a trendline that first served as support, and then resistance prior to the 4 month downtrend from March through June. There is also a 618 retrace at 32 bucks which adds another layer of resistance. I would take a HALF POSITION short should it get to that level and look to add my second half should it get to 34 bucks which is just above a 78 retrace.