Thereafter, price consolidation kicked in with low for more than a month. SPY was also seen trying to break the long-term for several times but to no avail.
spiked and price took another dip on 09.09.2016. Is it caused by institutional investors/traders for selling off a big chunk of shares? Regardless, my idea is it will cause another sell off and hit the short-term support 1 level. Low trading trend might continue. Price might consolidate between short-term support 1 & 2 prior to FOMC meeting on 21 Sept.
In current situation, I will just wait for Mr.Market to break through support 1 level. Then, I will take short.
Entry price : $212.60
Profit taking : $210.10
Stop-loss : $214.08