Once again I’m seeing literally dozens of things set up on the short side. iShares Dow Jones US Real Estate (IYR) is a typically textbook pattern (see chart below) that happens to be targeting the March lows. If the downleg that’s underway truly has, er, legs, then all those smarty-pants who called the low back in March could be in trouble.

(TraderAlamo is someone I follow on Twitter and I know that he, like many sharp cookies, watches IYR as a “tell.”)

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