Corrective action in SPY after all the rallying been done

After churning the highs for the last 11 trading days, real bearish momentum has appeared.

Long term the moving averages point up.

However if you look at where price is now, it leaves traders who bought during those 11 days stuck in the red.

How much margin do they have? Can they withstand before they are forced to sell?

Using just a simple fib retracement tool, we see that 200 may be a potential destination.

The 50 day ema is only about 2 dollars away.

Action steps: If you were in profit. Taking some off now would be good just to reward yourself for holding since October 15th

If you were long the last 11 trading days at the top. It may be prudent to wait to see how todays             candle closes and then decide whether or not to take the small stop loss. After all our 'first stop is always our best stop'.

If you are short today, it is abit early as we don't know how this day closes at this point in time, market's been open only 1h 10mins at this point of writing. but if it closes negative. then targets could be the 50day ema as a first take profit. and the 2nd take profit could be the 198.4 or 200 level.(personally i prefer the round numbers because price naturally tends to gravitate to that).

Future actions: I would wait for a day where price closes above the 50day ema , having closed below it first, as a game plan for making profit from longs.
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