My trade idea is to short the SPY at 273. Stops at 290. Target at 220. Risk reward is about 1:4.
Long term moving averages indicating a downtrend. Price retraced into an ideal fib retracement zone and has been rejected back down out of it. My thoughts are that we will retest the recent low.
My ideal way to trade this is to buy July 17 2020 puts. Take profits at the target zone.